Half a year has passed since the 95% flash crash of the demonic coin OM, and as a result, OKX and the project team have been torn apart again. By combining OKX's latest announcement with the OM project team's announcement six months ago, we can roughly deduce the cause and effect of the situation. 90% of the content can be matched by both sides' statements, but the remaining 10% of the most critical part cannot be matched, which involves the crucial issue of "who is the first to smash the market". The following figure shows the contents of two announcements. OKX indicates that multiple related accounts colluded with each other to mortgage a large amount of OM tokens and lend USDT, artificially pushing up the price. The OM announcement acknowledges that a large number of tokens have indeed been transferred to the exchange as collateral. So it seems that OKX is the exchange where the borrowed coins were pledged. What is the purpose of borrowing USDT with so many OM tokens as collateral? OKX's announcement pointed out that it was "artificially pushing up the OM price", which is also reasonable, that is, the project party took a left foot spiral upward path of mortgage borrowing U-pulling and mortgage. However, once the coin price starts to fall, it will face the risk of liquidation that cannot be repaid, and even the project party does not want to repay the risk of default, after all, the collateral is the air coin borrowed from the real gold and silver U, and these risks need to be borne by the exchange where the collateral is borrowed. So the OKX risk control team began to inquire with these addresses, requesting them to take corrective measures and stating that they refused to cooperate. So OKX took over these accounts, most of which were probably borrowed U or some OM tokens. But the word 'takeover' is used here instead of freezing. Normally, these accounts should be frozen to prevent U from being transferred. However, it is unclear why OKX's announcement uses the word 'takeover' because the meaning of takeover is greater than freezing, meaning direct operational rights over these accounts. Following that, the crucial part where both sides hold different opinions was reached. OKX's announcement stated that shortly after taking over, the tokens experienced a sharp drop, and OKX only cleared a small portion of the tokens, but still incurred huge losses due to the rapid flash crash, which was borne by the OKX exchange itself. It emphasized that the process of the sharp drop was not completed within its own exchange. So according to the script deduced from the OKX announcement, after these collateralized borrowing accounts are taken over/frozen, the project party/banker may not be able to continue the spiral upward process of stepping on the right foot with their left foot, the relay game will be interrupted, and the coin price will begin to decline, resulting in a chain of liquidation. Alternatively, they may realize that the large amount of U they borrowed may have to be forcibly returned, so they simply smash the market themselves first. In the announcement of the OM project, it is also believed that the token flash crash was caused by a chain of liquidation, which was divided into three stages. Firstly, a small portion of the spot was forcibly liquidated, followed by automatic liquidation triggered by the contract, and finally, collateral liquidation led to a larger scale collapse. So there is a difference between this announcement and OKX's announcement. According to the script deduced from this announcement, the tokens held by the OM project/banker were first forcibly sold, resulting in a chain of avalanche settlements. Correspondingly to the script of OKX's announcement, the tokens sold are most likely to come from the addresses that were taken over. So the core reason is basically clear, which is that the price of spot liquidation has fallen, leading to a further decline in contract liquidation and ultimately a sharp drop in collateral liquidation. However, the key issue is how this earliest spot liquidation happened, and who is now holding their own words.