On April 14, ZachXBT, a detective on the chain, published an article saying that Denko and Fukogoryushu, the founders of REEF, were suspected to have sought large collateral loans with the token before the $OM plunge, triggering speculation of market manipulation. ZachXBT pointed out that Denko was involved in the $80 million OTC transaction with Alameda in 2021 and the REEF was removed from the shelves of Binance in 2024.