Shorooq clarifies: The fall in OM is not due to a hacker attack or team sell-off

Investor Shorooq Partners issued a statement clarifying: The decline was not due to hacker attacks or team sell-offs, but triggered by large-scale forced liquidation, which subsequently caused panic selling during periods of low liquidity. Shorooq emphasized that its position as a long-term equity investor has not changed and disclosed the relevant wallet address to prove transparency.

Analysts pointed out that this crash was caused by changes in leverage requirements and levels of enforcement, while the lack of market makers in decentralized exchanges exacerbated the problem. Prior news reported that before OM coin price plummeted, it is suspected that Middle Eastern investment institution Shorooq Partners' partner's wallet received a transfer of 2 million OM coins.