Mantra ($OM ), the native token of the real-world asset tokenization project, plummeted over 90% on April 13, falling from $6.30 to under $0.50 and wiping out more than $6 billion in market cap. The sudden collapse sparked fears of a rug pull, with some comparing it to the LUNA or FTX disasters.
Co-founder JP Mullin responded on X, stating, “We are here and not going anywhere,” and shared a wallet address to verify the team’s OM holdings. The Mantra team blamed the crash on “reckless liquidations,” denying any wrongdoing.
The crash comes just months after Mantra signed a $1B tokenization deal with DAMAC and secured a VASP license from Dubai’s VARA. The incident raises questions about stability in the rapidly growing real-world asset tokenization sector.
