A major exchange exposed: multiple account groups manipulating OM to surge and crash, security funds fully cover the losses

【Blockchain Rhythm】Recently, a major incident has come to light. On December 13, a leading exchange issued a statement on social media, revealing concrete evidence: a group of interconnected accounts used大量OM tokens as collateral, loaned out huge amounts of USDT, and artificially inflated the OM price.

The platform’s risk control team acted quickly, immediately flagging these abnormal operations and proactively reaching out to the account holders to ask them to resolve the issue themselves. But the response was complete silence. Since soft warnings didn’t work, the exchange took stricter measures—imposing controls on these related accounts. Shortly after, the OM price collapsed.

Interestingly, the actual OM collateral liquidated by the exchange was not much; the main losses were absorbed by the security fund. An analysis report from a third-party organization indicated that the primary driver behind the sharp price decline was actually trading activity from other perpetual contract platforms, not the exchange itself.

There are still many questions to be answered: where did that group get their OM tokens from? Why are they able to control such a large proportion of the token supply? The mentioned exchange has already handed over all evidence to regulators and law enforcement agencies, and several legal proceedings are underway. Meanwhile, the related project team chose to remain silent—neither explaining the abnormal activity nor responding to these allegations.