Shorooq clarifies: The drop in OM is not due to hacking or team sell-off

ChainCatcher news, investor Shorooq Partners issued a statement clarifying: the decline was not due to a hacker attack or team sell-off, but triggered by large-scale forced liquidations, which subsequently led to panic selling during low liquidity periods. Shorooq emphasized that its position as a long-term equity investor remains unchanged and publicly disclosed relevant wallet addresses to prove transparency. Some analyses pointed out that this crash was caused by leverage requirements and forced changes at certain levels, while the lack of decentralized exchange market makers exacerbated the issue.

Earlier news indicated that before the sharp drop in the price of OM, a wallet suspected to belong to Shorooq Partners, an investment firm in the Middle East, received a transfer of 2 million OM.