On the Brink: Questions Loom Over Ondo Finance’s Financial Practices After Mantra Controversy

Following the recent $OM token scandal involving Mantra, Quinn Thompson, founder and Chief Investment Officer of Lekker Capital, has rekindled concerns about the legitimacy of Ondo Finance (ONDO). His public warnings echo similar accusations from earlier this year regarding ONDO’s inflated TVL. 1 2 Thompson highlights the potential for artificially inflating TVL through token sales and subsequent reinvestment to create a false impression of user growth. This echoes a previous criticism, dating back to October 2023, where Thompson questioned ONDO’s $7 billion valuation based on a lack of revenue.