$OM 📉 What happened?

On April 13, 2025, the price of the OM token fell from $6.13 to $0.43, resulting in a loss of over $5.5 billion in market capitalization. Later, the price partially recovered to $0.70–$1.03, but investor confidence was undermined.

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💥 Allegations of insider trading and "rug pull"

Blockchain analysts recorded that just days before the crash, 17 wallets, including two allegedly linked to Laser Digital (a subsidiary of Nomura), transferred 43.6 million OM tokens worth about $227 million to exchanges. This raised suspicions of insider trading and deliberate "dumping" of tokens.

Co-founder of Mantra, John Patrick Mallin, rejected the allegations, stating that the team did not sell tokens and would provide on-chain evidence. However, social media allegations emerged claiming that he allegedly orchestrated a $5 billion "rug pull", comparable to the collapse of Terra/LUNA in 2022.