1. It all started with a sudden deposit of 3.9 million $OM tokens by the @MANTRA Chain team at OKX exchange. This event attracted widespread attention.
2. Reports indicate that the OM team controls about 90% of the total supply of the token. This means that only a few individuals hold most of the control over the token's price. This is already a significant warning sign.
3. Over the past year, there have been some trust issues within the community. Some of the concerns include: the team allegedly using market makers to artificially inflate prices; they quietly changed the economic mechanisms of the token; and they continually postponed promised community airdrops.
4. Therefore, when that massive token deposit flooded into OKX, people started worrying about a large-scale sell-off imminent. It turned out they were right. Soon after, selling pressure began to surface.
5. But the situation worsened due to another factor: over-the-counter (OTC) trading. Rumors suggested that OM had reached private deals with investors to sell tokens at significant discounts—some even as high as 50% or lower.
6. As a result, when the price dropped by 50%, all OTC buyers suddenly found themselves in trouble. Fear began to spread. Everyone wanted to exit before prices dropped further.
7. This triggered a chain reaction: more people sold; stop-loss orders were triggered; leveraged positions began to be liquidated; the market essentially collapsed. All of this happened within an hour. The price fell by 90%.
8. This was not just a price drop, but a complete crash. Over $5.5 billion in market capitalization evaporated in an instant. Many people suffered heavy losses—those who were unaware of what was happening behind the scenes.

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