$OM – Mantra Token Crashes 90%, Liquidations Blamed

I'm watching $OM collapse from $6.30 to around $0.70 in hours—over $71.8M in liquidations hit fast. Market cap dropped from nearly $6B to $683M.

What Happened:

Mantra’s team, led by co-founder John Patrick Mullin, says this wasn't a rug pull. He blames the crash on forced liquidations by centralized exchanges, not internal moves.

Exchange Reaction:

OKX issued a statement, distancing itself from malicious intent. Still, the damage is real—10 positions liquidated for over $1M each, according to Coinglass.

Outlook:

I'm seeing panic, but also massive volume and volatility. Not touching it until there's clear structure—but keeping an eye out for signs of stabilization or a dead cat bounce.

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