The last OM accident has caused confusion in the community. In a sequence of sudden settlements, $ 5.5 billion were annihilated. Several reports say the incident occurred because a merchant tried to control prices in two different exchanges.
This full situation indicates the weakness in several cryptographic projects. Although it seemed to have a great market value, a small amount of money available caused everything to crash.
Analyzing the collapse of OM
When the token om of the mantra crashed at the beginning of the week, he raised many unresolved questions. He triggered accusations of misconduct, and accusations of internal activity have followed the company since then.
A new report He says that the OM accident began due to a merchant:-
He saying“This happened due to one or more players in the binance perpetual market. They caused the entire chain reaction. The first fall below $ 5 occurred when someone sold a short position worth approximately $ 1 million. This caused a price change of more than 5% in just a few microseconds. It seems intentional to me. They knew exactly what they were doing.”
After disembarking this first irregularity, this OM merchant constantly liquidated short positions every time every five seconds, which controlled the entire collapse. As there is constant liquidity in Binance, the Spot OKX market observed a discount of about 20%.
The seller successfully finds output liquidity
This unusual activity in OKX was caused by a very large merchant. A limit sales order means that the seller establishes the lowest price for which they are willing to sell their cryptography. The sale only occurs if the market price is so high or higher. If not, the order is kept open and wait in the system.
This merchant maintained the price independently in OKX for more than a minute, which caused market manufacturers and arbitration bots to buy assets despite the generalized sale of panic. Through this technique, the breakwater was able to rule out the OM files while the collapse was in progress.
The problem is not that OM crashed because someone tried to cause a clash. The real problem is that a person or group was able to control the market so completely.
So that this type of attack was successful, the value of the OM market had to be much weaker than people expected.
Basically, despite the fact that OM market capitalization was extremely high in theory, a relatively low investment was needed to make Token RWA unstable and vulnerable. Some have been thinking that this merchant was not trying to cause agitation.
Instead, they were probably investors who had to sell due to loan rules or risk limits. A small amount of market manipulation could have caused a much greater problem.
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Discharge of responsibility: In Bitcoinik.com we present the most recent information in the encryption market. However, this information should not be considered as financial advice, and viewers must consult their financial advisors before investing.
