$OM
$OM Token Crashes 90%: What Went Wrong?
On April 13, MANTRA (OM) suffered a shocking 90%+ price crash, wiping out over $5.5 billion in market cap within hours.
What Triggered It?
According to co-founder John Patrick Mullin, a large OM holder faced forced liquidation on a centralized exchange. This triggered a cascade of automated sell-offs, crashing the price.
Tokenomics Under Fire
Critics pointed to OM’s sky-high fully diluted valuation (~$9.5B) versus a TVL of just $13M—raising serious questions about sustainability.
Insider Dumping Allegations
Community members accused insiders (dubbed the “Kabal team”) of dumping tokens. Reports suggest 90% of supply was tightly held, sparking fears of a coordinated exit.
Team’s Response
MANTRA denies any wrongdoing, claiming:
No team tokens were sold
Locked wallets are public
Investigation is ongoing
What’s Next?
Will OM’s price recover, the trust is badly shaken. Legal action is being explored, and the incident is drawing comparisons to the LUNA collapse.
