A major leading exchange exposes a large-scale OM token manipulation case: associated accounts pump with USDT, with the risk fund fully covering the losses.

[BiTu] A recent case that has come to light is quite noteworthy. A leading exchange disclosed on social media that they have obtained conclusive evidence: multiple interconnected accounts colluding secretly by using OM tokens as collateral to borrow massive amounts of USDT, artificially pushing the OM price upward.

The platform’s risk team promptly identified this abnormal activity and proactively contacted the account holders involved to request corrections, but they outright refused to cooperate. Unable to do anything else, the exchange implemented control measures on these related accounts to protect the market. Shortly afterward, the OM price plummeted sharply.

A detail here— the exchange only liquidated a very small amount of OM collateral, and the huge losses caused by the sharp decline were actually covered entirely by their security fund. Several third-party analysis agencies pointed out that the price crash was mainly triggered by perpetual contract trading activities on other exchanges, not by the exchange’s own liquidation operations.

The most outrageous part is that those holding large amounts of OM have yet to explain the source of these tokens, nor can they clarify why they control such a large proportion of the token supply. The exchange has already submitted all evidence and documents to regulatory authorities and law enforcement agencies, and multiple legal lawsuits and judicial procedures have been initiated.

The OMATRA team’s stance is also quite interesting— they refuse to respond to these serious concerns and instead turn around to accuse the exchange, ignoring the facts. The entire incident exposes ongoing risks of market manipulation and issues of information opacity.