Welcome to another edition of our weekday newsletter. Amid fluctuating market moods stemming from recent tariff troubles, all eyes are on Federal Reserve Chair Jerome Powell’s upcoming Wednesday address for indications of possible monetary policy shifts to assuage investor worries.
In today’s issue, we’ll discuss the shocking price drop of MANTRA’s OM token, the alleged investigation of crypto bank Anchorage Digital by the U.S. Department of Homeland Security, the resumption of Strategy’s bitcoin purchasing, and more. Moreover, Tether is preparing to deploy its hashrate on OCEAN’s decentralized Bitcoin mining pool.
MANTRA’s OM token saw a drastic drop of over 90% within a few hours on Sunday, moving from around $6 to $0.45. This sudden collapse led to widespread concerns about a possible rug pull or hack. The MANTRA team, however, attributed the fall to “hasty liquidations” triggered by a large investor’s forced position closure on a centralized exchange, according to co-founder John Patrick Mullin.
The Layer 1 real-world asset blockchain project has previously faced allegations of controlling large portions of the token’s circulating supply in an attempt to manipulate its price, which Mullin has consistently denied.
The plunge resulted in roughly $70 million in liquidations within 24 hours, with several positions losing over $1 million, as per CoinGlass data. Laser Digital, a significant investor in MANTRA, has denied any involvement in the OM token crash and refuted claims of large-scale sales by its wallets.
The U.S. Department of Homeland Security’s El Dorado Task Force is reportedly investigating Anchorage Digital. While the specifics of the investigation remain unclear, the task force’s mission includes disrupting and dismantling transnational money laundering organizations.
Bitcoin treasury company Strategy (formerly known as MicroStrategy) has recently purchased an additional 3,459 BTC for approximately $285.8 million. JPMorgan’s blockchain division, Kinexys (formerly Onyx), has launched British pound sterling (GBP) blockchain deposit accounts.
Kraken has initiated the rollout of U.S. equities trading in certain states, enabling customers to manage crypto, stocks, and ETFs from a single account in partnership with licensed broker-dealer Alpaca.
As we await the speeches from key financial figures and anticipate token unlocks from Starknet, Onyxcoin, Sei, and EigenLayer, stay tuned to our daily digest for the most influential events across the digital asset ecosystem.
Disclaimer: The information provided in this article is for informational purposes only and is not intended as legal, tax, investment, financial, or other advice.
