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Mantra Incident ($OM) – A summary of the entire development (14/04/2025 | GMT+7)

In the early morning of April 14, the $OM token of the Mantra project – a prominent RWA project – unexpectedly divided by 10

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Detailed timeline of events (GMT+7)

1:32 – News of #OM plummeting shared in Tele and Twitter communities

1:35 – Price starts to plunge uncontrollably. Estimated market capitalization drops from $5.9 billion → $500 million, equivalent to a 90% loss

1:50 – Significant price discrepancy between DEX and CEX. Suspicions arise that someone within the project is “dumping” before the bad news spreads

2:00 onwards – The official TG channel is restricted access. Rumors spread: suspected hacking, smart contract error, NFT governance error, or sudden liquidity withdrawal

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On-chain data and unusual signs

$76M withdrawn and sold off on Binance just before the price crash

$20M transferred to OKX on 13/04

$2M from a wallet related to Shane Shin – who previously worked with Mantra

$15M from a Chinese wallet suspected to be an organization closing positions/OTC dump

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Official responses from the project & community:

Mantra Foundation:

"This price drop is entirely due to the market and external factors. The team is not involved."

Detective ZachXBT:

What kind of statement is this? OM has dropped 90% from $5.9 billion down to a market cap of $500 million in just one single candle…

CZ also spoke out:

“I’m just like everyone else. I just learned about this project a few minutes ago.”

→ Implying that Binance has nothing to do with #OM

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Widespread impact on the market

Immediately after the crash, BTCDOM Perp increased by 22% on Binance – indicating that money is flowing out of altcoins back to BTC for “safe haven.”

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Conclusion: Currently, there is no official answer regarding the true cause.