Mantra (OM) token loses 98% of value, wipes out $6 billion from market value in minutes
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1. Smart wallets dumped before the price collapse
Mantra (OM) dropped from $6 to $0.57 in less than an hour, losing 98% of its value.
Over $6 billion in market value was wiped out in minutes during the incident.
X traders blamed an alleged 'Kabal team' for a massive privileged sell-off.
The Mantra of the Real World Asset Token (u lost 98% of its value today, and over $6 billion disappeared from its market value in less than 60 minutes, according to CoinmarketCap data.
The incident took OM from nearly $6 to just $0.57 before most people realized what was happening. When the charts finished updating, the project's valuation dropped from $6.09 billion to $699 million. The incident happened so quickly that traders couldn't get out in time.
Posts on X began to serve within minutes. One after another, people blamed what they called the 'Kabal team', accusing them of dumping a large part of the supply at once. No one named names yet, but most tweets linked the Kabal team to the people inside the Mantra project. They are being accused of holding a huge part of tokens and pulling the plug without warning. One X user wrote: 'The Kabal team just rugged everyone. The project is dead.'
Another said: 'As I said, $OM (Mantra) is one of the biggest scams I've ever seen in Crypto. They controlled the supply and manipulated the price so they could dump their tokens OTC. Pure market manipulation. The team belongs in prison.'
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Smart wallets dumped before the price collapse
According to Arkham data, the address 0x63… 4FF2, which belongs to the Mantra Dao project team, transferred and burned 21.229 million OM (~$132 million) to a dead address on April 2. To date, a total of 84.019 million OM has been burned, with a total burn value reaching $524 million.
The chart has been ugly since then. On February 24, OM was worth $9, with a total market value of over $560 million.
Long before the incident, some in the crypto community had raised flags about supply inflation and a proposal voting system that allowed the team to control the outcome. These warnings were ignored.
The foundation was unstable, and today everything collapsed.
During the chaos, the official Mantra Telegram group closed its doors to new users. Screenshots show dozens of users trying to join, but access was blocked. Members inside were asking for answers, but the moderators said nothing.
The project's CEO, John Patrick Mullin (JP), also did not respond. John is listed in the official Telegram group but said nothing during the incident. One user wrote in the chat: 'JP is on a plane right now. I just saw him at Paris Blockchain Week. He probably doesn't even know yet.'
