Mantra Token Crashes 90% in One Hour, Team Says 'Reckless Liquidations

On Sunday, the Mantra token (OM) fell almost 90% in an hour, from about $6 to less than $0.4, therefore wiping off billions in market worth.

Mantra co-founder John Patrick Mullin said on X "the timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice."

Mullin said that positions were "closed without margin calls or notice," implying that exchange activities set off the fall-through.

According to a second official statement, the project said that "triggered by reckless liquidations" the disaster occurred.

One of the fastest single-day falls in crypto this year, the meltdown raises questions over centralized exchange policies and the viability of RWA (real-world asset) tokens.

Designed with regulatory compliance integrated in, Mantra is a Layer 1 blockchain meant to tokenize actual assets. Driven by the Cosmos SDK, it supports IBC and CosmWasm, therefore enabling smart contract-ready across many chains and interoperability.

#mantra #om #SaylorBTCPurchase #WhaleMovements #SECGuidance $OM