A_LONE_WOLF_CRYPTO

On Sunday evening, Mantra's OM token experienced a catastrophic crash, plunging more than 90% in a matter of hours and triggering over $71.8 million in liquidations. The token, which was trading around $6.30 yesterday, now sits at approximately $0.70, with its market capitalization drastically reduced from nearly $6 billion to just $683.09 million.

OKX Exchange Issues Statement on Price Collapse
In a significant development, major cryptocurrency exchange OKX has released an official statement regarding the OM token crash.
The exchange noted that the initial price drop occurred around 2:28:32 am (UTC+8) on April 14, with "a rapid price drop and increased trading volume first appearing on other exchanges, followed by a sharp drop of more than 80% in the entire market in a short period of time."
OKX's analysis indicates potential structural issues with the token, stating that "based on the on-chain public data and the internal data of the exchange, the project token economic model has undergone major changes since October 2024." The exchange also revealed that "since the beginning of March, multiple on-chain addresses with similar operation modes have experienced large deposits and withdrawals from various exchanges."
In response to these risks, OKX has "adjusted a series of risk control parameters" and added risk warnings on the OM token page. The exchange emphasized that "recent market risks are relatively high, and some tokens may have significant changes in token supply, which will have significant fluctuations and impacts on token prices."
Forced Liquidations Blamed
Mantra's co-founder, John Patrick Mullin, quickly addressed the situation through the project's official channels, attributing the collapse to "reckless forced closures initiated by centralized exchanges on OM account holders" rather than any action by the team.

"The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice," Mullin stated in a post on social media platform X. He pointed out that the incident occurred "during low-liquidity hours on a Sunday evening UTC (early morning Asia time)," suggesting "a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges."
According to data from Coinglass, the crash resulted in more than $74.7 million in liquidations over the past 24 hours, with ten positions each experiencing liquidations exceeding $1 million.
Team Denies "Rug Pull" Allegations
As the price collapsed, speculation of a potential "rug pull" - where developers abandon a project after withdrawing funds - began circulating among traders.
Market investor Gordon compared the situation to previous crypto disasters, writing: "[The] team needs to address this or OM looks like it could head to zero, biggest rug pull since LUNA/FTX?"

Mantra executives have firmly denied these allegations, with Mullin providing verification addresses for the team's token holdings to prove they remain locked as scheduled. "To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA's investors selling tokens. Tokens remain locked and subject to the published vesting periods," the team stated in their community update.
Arkham Intelligence data indicates Mantra DAO had burned approximately 21 million OM tokens in separate transactions on April 2, though this appears unrelated to the current crisis.
$OM
#SaylorBTCPurchase #USElectronicsTariffs

Known in crypto circles as ‘CZ’, Changpeng Zhao is increasingly focused on advising government officials on how best to regulate digital assets.

KUALA LUMPUR: Crypto’s richest man, Changpeng Zhao, was in a playful mood as he addressed a packed house at the Ritz-Carlton in Kuala Lumpur, just seven months after his release from a low-security California prison.
“How many are regulators or regulatory backgrounds here? OK, not many.
“So we’re safe,” the former CEO of Binance Holdings Ltd said at the gathering on Tuesday night, delighting the audience.
The reality, though, is that the man known in crypto circles as “CZ” is increasingly focused on advising government officials on how best to regulate digital assets.
He has been named as an adviser to both Pakistan and Kyrgyzstan in recent weeks.
He met with Malaysia’s Prime Minister Anwar Ibrahim on Tuesday to discuss the country’s potential as a crypto hub.
It’s all adding up to quite a turn of events for a man who pleaded guilty in 2023 to anti-money laundering failures that US officials said gave criminal groups and organisations designated as terrorists access to Binance.
Zhao’s appearance at the Ritz-Carlton gave a glimpse into the kind of counsel he’s been offering: “I always encourage government to take a more relaxed approach,” he said.
In laying out his blueprint for policing the industry, the billionaire drew particular attention to crypto-friendly governments in the Middle East.
He said he encourages the establishment of new regulatory agencies dedicated to digital assets, such as Dubai’s Virtual Assets Regulatory Authority, which handed Binance a full license in 2024 after Zhao gave up voting control in the exchange group’s local entity.
In Dubai, it took him “literally 24 hours” to get a golden visa, Zhao added. He highlighted Bahrain’s central bank as another “forward-thinking” regulator.
Binance has also looked to the Middle East for investment: Abu Dhabi’s MGX acquired a minority stake in Binance for US$2 billion in March.
Zhao, who agreed to pay a US$50 million fine and stepped down as Binance’s CEO after his guilty plea in November 2023, has simultaneously been making inroads in the US, where President Donald Trump’s administration is decidedly pro-crypto.
Representatives of Trump’s family have held talks about taking a financial stake in the US arm of Binance, according to a Wall Street Journal report, which also said Zhao has been pushing the Trump administration to grant him a pardon.
A spokesman for Zhao denied that there had been any discussions with the Trump family about taking a stake in Binance.
In Kuala Lumpur on Tuesday, Zhao said the transition in the US from cracking down on the digital-asset industry under former president Joe Biden to embracing it under Trump has in turn triggered a “180-degree shift” in the mindset of regulators globally.
“With the US being so pro-crypto right now, all the other governments actually have to be slightly more competitive in order to retain talent, attract funds and investments,” he said.
“So I do encourage most governments to be a little bit more progressive than the US,” he added.
Binance in Malaysia
Binance has a checkered past in Malaysia. In July 2021, the Securities Commission Malaysia reprimanded the firm and then-CEO Zhao for operating the digital-asset exchange in the country illegally.
Binance took a minority stake in Malaysian exchange MX Global – which hosted Tuesday’s event with Zhao – the following year.
Anwar now wants to reforge Malaysia’s finance sector by embracing blockchain and cryptocurrencies.
“The country “must move away from outdated business models and the antiquated financial system,” he said after meeting with Zhao and Abu Dhabi officials in January.
The Malaysian prime minister doubled down in a Tuesday post on X, saying he welcomed continued discussion with agencies including the securities regulator, Bank Negara Malaysia and the digital ministry to “explore ways to facilitate and promote responsible innovation”.
Future focus
After his release from US custody, Zhao pledged in a post on X to focus on investments that would prioritise “impact” over returns.
He also said a new endeavor named Giggle Academy, a nonprofit online education platform, would be a big part of his life.
Binance Labs, once the exchange operator’s venture arm, was reorganised in January into an entity named YZi Labs that would manage the wealth of Zhao and Binance co-founder Yi He.
At Tuesday’s event, Zhao said the Giggle platform could help children in emerging markets – including in Africa – to land jobs from the age of 14 and upwards.
Asked on stage whether that could be seen as promoting child labour, he didn’t exactly back down.
“I’ve got to be careful on this one. We don’t want to violate any laws about working labour age,” he said.
“Giggle doesn’t offer a job market on the platform today, but it plans to in the future,” he added.
“We are also willing to work with labour ministries to review or at least explore what’s the right working age for kids.
“So I do think that you will help many families when the kids can do simple jobs early on,” he added.

#MarketRebound #BinanceAlphaAlert

📊 SOL Daily Chart Analysis — Bullish Signals Emerging

- Price Action:
- The chart shows SOL breaking out above a long-term descending trendline, a potential trend reversal signal.
- Price is currently consolidating above the trendline, indicating strength and an attempt to flip previous resistance into support.
- This breakout suggests the downtrend that started around $200–$250 may be over, with SOL attempting a new structure of higher highs and higher lows.
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📈 RSI Divergence – Bullish Signal
- Indicator Used: RSI (14), with a yellow moving average overlay.
- There is a clear bullish divergence between price and RSI:
- Price made lower lows around March 2025.
- RSI made higher lows at the same time.
- This divergence signals weakening bearish momentum and typically precedes an upward move, which seems to be playing out with the breakout.
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✅ Current RSI Reading:
- RSI is currently around 55.56, heading upward.
- This shows momentum is shifting bullish, but not yet overbought, meaning there may still be room to run.
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🔍 Conclusion:
- Trendline Breakout + Bullish RSI Divergence = Bullish Bias
- Short-term outlook is positive as momentum builds.
- If SOL maintains support above the breakout level (~$130), a move toward $150–$160 could be the next target.
- However, watch for volume confirmation and daily close above the trendline for stronger validation.

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$SOL