Laser Digital Denies Role in OM Token Collapse Amid $5.2B Market Cap Crash
Nomura-backed Laser Digital has issued a firm denial of any involvement in the dramatic price plunge of MANTRA’s OM token, distancing itself from rumors swirling in the crypto community.
Over the weekend, the OM token—linked to the Layer 1 blockchain project MANTRA—suffered a staggering 90% drop in market capitalization, tumbling from $5.9 billion on April 13 to just under $700 million, according to data from The Block. The crash, which triggered approximately $71 million in liquidations, sparked speculation that large-scale investor selloffs were to blame, with some on-chain observers pointing fingers at Laser Digital.
In a statement shared on X (formerly Twitter), Laser Digital—Nomura's digital asset subsidiary and a strategic investor in MANTRA since May 2024—strongly denied any connection to the event. “Laser has no involvement in the recent price collapse of $OM,” the company stated, labeling social media claims of its role in triggering investor sell-offs as “factually incorrect and misleading.”
The speculation stemmed from data reported by Lookonchain, citing Arkham Intelligence, which indicated that 17 addresses had transferred approximately $227 million worth of OM tokens to exchanges since April 7. Two of those addresses, including a wallet labeled "0xB37DBD," were allegedly tied to Laser Digital.
However, Laser Digital clarified that the wallets in question do not belong to the firm and that no OM tokens were deposited to OKX on its behalf. A spokesperson added that the flagged wallet activity reflected the routine return of collateral from a third-party financing deal, which could be verified through on-chain data tracing the inflows and outflows.
Despite Laser Digital’s assurances, the abrupt collapse of OM has raised red flags across the crypto ecosystem. OKX, one of the exchanges where suspicious activity was detected, acknowledged the increased volatility and said it had adjusted its risk controls to mitigate further fallout. The platform is actively investigating the situation, pointing to significant changes in OM’s tokenomics model since October 2024 and noting possible coordinated movements involving multiple centralized exchanges since March 2025.
MANTRA, a protocol that aims to tokenize real-world assets, has not released a detailed statement on the incident beyond suggesting that “reckless liquidations” by a major holder may have triggered the crash. The project's price continues to reel from the impact, with market confidence shaken and recovery uncertain.