Latest news with #ShaneShin
Yahoo
15-04-2025
- Business
- Yahoo
Investors of Mantra Refute Claims of OM Token Dumping Ahead of Crash Despite Arkham Findings
Mantra is under scrutiny following the recent collapse of its OM token, which experienced a sharp decline on April 13. The fallout has raised questions about potential insider trading, particularly involving Laser Digital, a strategic investor in the project. On April 14, Laser Digital publicly denied allegations that it transferred significant amounts of OM tokens before the crash. According to blockchain analytics firm Lookonchain, 43.6 million OM tokens, valued at approximately $227 million, were moved to exchanges by 17 wallets just days before the collapse. Among these, wallets linked to Laser Digital were reported to have transferred 6.5 million OM tokens worth $41.6 million to the OKX exchange. This transaction took place on April 11, just days before the token plummeted. In response to the allegations, Laser Digital, which is backed by Nomura, stated that the wallets in question do not belong to the firm. In a post on X, they asserted, 'Laser has no involvement in the recent price collapse of $OM. Assertions circulating on social media that link Laser to 'investor selling' are factually incorrect and misleading.' The situation is complicated by the actions of other investors. Shane Shin, a founding partner at Shorooq Partners, reportedly received 2 million OM tokens just hours before the crash. However, a spokesperson for Shorooq emphasized that neither the firm nor its partners sold OM tokens in the lead-up to the incident, asserting their commitment to the long-term growth of Mantra. As this crisis unfolds, both OKX and Binance have addressed the volatility surrounding the OM token. OKX founder Star Xu characterized the incident as a 'big scandal to the whole crypto industry.' Meanwhile, Binance suggested that the crash may have been linked to 'cross-exchange liquidations,' indicating a more complex market dynamic. Mantra's management has yet to comment on the implications of the token's collapse or its impact on the recently announced $109 million Mantra Ecosystem Fund, leaving investors and stakeholders seeking clarity amidst the turmoil.
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Mantra secures first VARA DeFi licence paving way for global growth
Mantra Finance FZE, a leading decentralised finance (DeFi) platform operated by Mantra Group, today announced it has obtained a Virtual Asset Service Provider (VASP) licence from Dubai's Virtual Assets Regulatory Authority (VARA), to operate as a Virtual Asset Exchange, as well as provide broker-dealer and management and investment services. This marks a significant milestone in Mantra's commitment to regulatory compliance, security, and innovation within the rapidly growing virtual assets ecosystem. Mantran, backed by Shorooq, a multi-dimensional investment firm, is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real-world regulatory requirements. The VARA licence will support not just Mantra's global footprint as it introduces a range of innovative, regulatory-compliant financial products tailored to the evolving needs of investors around the world, but position it to further scale operations in the Middle East focused on the tokenization of real world assets (RWAs). It underscores Mantra's commitment to providing transparent, secure, and cutting-edge solutions while meeting the highest standards of regulatory oversight, the company said. 'By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for Mantra and a key step in our journey towards global expansion,' said John Patrick Mullin, CEO of Mantra. Shane Shin, Founding Partner at Shorooq, commented: 'The VARA licence is not just a regulatory milestone for Mantra, it represents a leap forward for the entire RWA and DeFi ecosystem. This sets a new benchmark for what compliant blockchain innovation can achieve in the Middle East and globally. We have backed Mantra from the beginning because we see its potential to transform how assets are tokenized and traded, bringing institutional-grade solutions to the blockchain space. With Dubai solidifying its position as a leader in virtual assets regulation, Mantra is perfectly positioned to spearhead this evolution.' 'The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. This licence not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally.' Mantra leverages its cutting-edge blockchain technology to deliver fast, secure, and non-custodial financial services. The platform's offerings will include innovative investment products that merge the advantages of decentralized finance with the protections of traditional finance, such as increased transparency, rapid trade settlement, and enhanced user control over assets. With the VARA licence, Mantra is uniquely positioned to scale these solutions and offer them to both institutional clients and qualified investors in the UAE. As the platform continues to innovate, Mantra will launch a variety of unique DeFi products designed to meet the dynamic needs of investors. Each product is developed with strict adherence to local regulations and international policy frameworks, ensuring that users benefit from both security and cutting-edge financial tools, the company said. – TradeArabia News Service
Zawya
19-02-2025
- Business
- Zawya
Shorooq backed MANTRA secures first VARA DeFi license
DUBAI, United Arab Emirates – MANTRA Finance FZE (MANTRA), a leading decentralized finance (DeFi) platform operated by MANTRA Group, today announces it has successfully obtained a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA), to operate as a Virtual Asset Exchange, as well as provide Broker-Dealer and Management and Investment Services. This marks a significant milestone in MANTRA's commitment to regulatory compliance, security, and innovation within the rapidly growing virtual assets ecosystem. The VARA license will support not just MANTRA's global footprint as it introduces a range of innovative, regulatory-compliant financial products tailored to the evolving needs of investors around the world, but position it to further scale operations in the Middle East focused on the tokenization of real world assets (RWAs). It underscores MANTRA's commitment to providing transparent, secure, and cutting-edge solutions while meeting the highest standards of regulatory oversight. 'By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation. This license was a crucial step for MANTRA and a key step in our journey towards global expansion,' said John Patrick Mullin, CEO of MANTRA. Shane Shin, Founding Partner at Shorooq, commented: 'The VARA license is not just a regulatory milestone for MANTRA—it represents a leap forward for the entire RWA and DeFi ecosystem. This sets a new benchmark for what compliant blockchain innovation can achieve in the Middle East and globally. We have backed MANTRA from the beginning because we see its potential to transform how assets are tokenized and traded, bringing institutional-grade solutions to the blockchain space. With Dubai solidifying its position as a leader in virtual assets regulation, MANTRA is perfectly positioned to spearhead this evolution.' 'The UAE and broader MENA region has fast become a progressive global hub and thriving ecosystem for Web3 and virtual assets owing to their regulatory initiatives and frameworks. This license not only strengthens our presence regionally, it positions us internationally to deliver unique DeFi products that bridge the gap between decentralized finance and traditional finance. Our goal is to build a future-focused financial ecosystem that benefits institutional and qualified investors globally.' MANTRA leverages its cutting-edge blockchain technology to deliver fast, secure, and non-custodial financial services. The platform's offerings will include innovative investment products that merge the advantages of decentralized finance with the protections of traditional finance, such as increased transparency, rapid trade settlement, and enhanced user control over assets. With the VARA license, MANTRA is uniquely positioned to scale these solutions and offer them to both institutional clients and qualified investors in the UAE. 'By obtaining this license, MANTRA joins a growing community of regulated entities operating within the UAE, and we are excited to work alongside industry leaders to shape the future of virtual assets,' added Mullin. 'Our regulatory compliance is fundamental to the trust we build with users, and it reflects our long-term vision of driving responsible growth in the digital asset space.' As the platform continues to innovate, MANTRA will launch a variety of unique DeFi products designed to meet the dynamic needs of investors. Each product is developed with strict adherence to local regulations and international policy frameworks, ensuring that users benefit from both security and cutting-edge financial tools. For more information, visit About MANTRA: MANTRA chain is a purpose-built Layer 1 blockchain for real-world assets, capable of adherence to real-world regulatory requirements. As a permissionless chain, MANTRA Chain empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced technology modules, compliance mechanisms, and cross-chain interoperability. About Shorooq Founded in 2017, Shorooq is a multi-dimensional investment firm. Our venture capital and credit practice invests in the most innovative technology companies across the MENA region and beyond. We have built deep sectoral expertise in fintech, platforms, software, and deep tech. Shorooq has backed category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. Shorooq was built on the values of building with founders and identifying attractive returns for investors. We pride ourselves on a local presence across the UAE, Saudi Arabia, Egypt and Korea. Visit us at Shorooq refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004 as a category 3C Fund Manager) is a member. Media Contacts: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
