Defiance Capital Founder Alleges Crypto Market Manipulation as OM and LIBRA Crashes Spark Concern

Arthur Cheong, founder of Defiance Capital, has raised alarms over alleged market manipulation in the crypto space. In a detailed post on X, Cheong accused projects and market makers of colluding to artificially sustain token prices while centralized exchanges ignore these practices. He described the liquid crypto market as a 'black box' where price dynamics are obscured by non-organic activities. The commentary came on the heels of dramatic declines, notably a 90% plunge in MANTRA’s native token, OM, following forced liquidations and suspicious wallet movements that hinted at possible insider selling. Similarly, the LIBRA token experienced a meteoric surge triggered by a public endorsement from Argentinian President Javier Milei before plummeting over 90%, prompting an official investigation into its promotion. Cheong also highlighted concerns regarding poorly priced token generation events (TGEs) scheduled for 2025, warning that without intervention from major industry players, significant parts of the market could remain unsafe for serious investors.