๐จ $OM Token Crashes 90% in Hours โ Forced Liquidations or Insider Dump? ๐คฏ
In a shocking turn of events, Mantra's OM token plummeted from over $6 to below $0.50 within hours on April 13, 2025, wiping out more than $5 billion in market value .
What Happened?
The Mantra team attributes the crash to "reckless forced closures" by centralized exchanges during low-liquidity hours, leading to a cascade of liquidations . Co-founder John Patrick Mullin emphasized that neither the team nor its advisors sold any tokens during this period .โ
Community Skepticism:
Despite these assurances, on-chain data revealed that 17 wallets deposited 43.6 million OM tokensโapproximately $227 millionโinto exchanges shortly before the crash, raising concerns about potential insider activity .โ
Market Reaction:
The incident has drawn comparisons to past crypto collapses like Terra's LUNA, with some labeling it a "big scandal" . OM's price has since rebounded slightly, trading above $1, but the community remains wary.โ
Your Thoughts?
Is this a case of exchange negligence or something more sinister? Share your insights below. ๐
