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Mantra Token Crashes 90%, Wipes Out $4.5 Billion Amid Rug-Pull Fears
Mantra’s OM token suffered a staggering 90% crash on April 13, erasing over $4.5 billion in market cap within two hours. The token briefly fell from a $5 billion valuation to just $500 million before a modest rebound to $761 million. Despite the partial recovery, OM remains down over 87% on the day.
Panic spread across the community, with investors alleging a rug-pull. However, the Mantra team swiftly denied any involvement, attributing the collapse to "reckless liquidations." On-chain data from Lookonchain revealed that 17 wallets offloaded $227 million worth of OM (4.3% of its circulating supply) to exchanges prior to the crash. Two of these addresses were reportedly tied to Laser Digital, a strategic investor in Mantra.
Community lead Dustin McDaniel also denied any wrongdoing, stating the team was offline in Hong Kong at the time of the event. Despite reassurances, doubts linger as traders await more clarity on one of the largest crypto flash crashes of 2025.
Mantra Token Crashes 90%, Wipes Out $4.5 Billion Amid Rug-Pull Fears
Mantra’s OM token suffered a staggering 90% crash on April 13, erasing over $4.5 billion in market cap within two hours. The token briefly fell from a $5 billion valuation to just $500 million before a modest rebound to $761 million. Despite the partial recovery, OM remains down over 87% on the day.
Panic spread across the community, with investors alleging a rug-pull. However, the Mantra team swiftly denied any involvement, attributing the collapse to "reckless liquidations." On-chain data from Lookonchain revealed that 17 wallets offloaded $227 million worth of OM (4.3% of its circulating supply) to exchanges prior to the crash. Two of these addresses were reportedly tied to Laser Digital, a strategic investor in Mantra.
Community lead Dustin McDaniel also denied any wrongdoing, stating the team was offline in Hong Kong at the time of the event. Despite reassurances, doubts linger as traders await more clarity on one of the largest crypto flash crashes of 2025.
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