**Rugged Royalty: How Mantra ($OM) Lost $6.5B in a Flash**
"Must Buy it. "
What just happened with Mantra is nothing short of shocking:
- $OM plunged 94.2% in a matter of hours — from $7 to just $0.37
- Over $6.5 **billion** in market cap vanished overnight
- $41M+ in insider tokens were sent to CEXs right before the crash
It all started when a wallet tied to the Mantra team moved 3.9M $OM to OKX. That single move raised alarms — because insiders control 90% of the total token supply. They can crash the market at will, and that’s exactly what played out.
And the red flags? They were waving for a while:
- Just last month, Mantra ran an airdrop, then suddenly blacklisted over 50% of wallets — labeling them “bots” without any evidence
- Trust in the project was already shaky
So when that insider dump hit OKX, panic followed fast:
- Rumors of OTC deals with 50%+ discounts started flying
- Panic selling kicked off
- Stop-losses triggered
- Leverage positions liquidated
Within an hour, $OM collapsed — and with it, $6B+ disappeared.
Most holders had no idea what was happening behind the scenes. But here were the warning signs:
- 90% supply held by insiders
- Arbitrary community blacklists
- Hidden tokenomic changes
- Secret off-market deals
This wasn’t some no-name project — it was the #1 ranked token in the RWA space. And still, it got rugged.
**Lesson?**
Even top-ranked projects can turn rogue. Always do your own research. Stay alert.
If you got caught in this, speak out. Others need to know.
