๐จ๐๐๐ง๐ญ๐ซ๐ ๐๐ญ๐ญ๐ซ๐ข๐๐ฎ๐ญ๐๐ฌ ๐๐ ๐๐จ๐ค๐๐ง ๐๐จ๐ฅ๐ฅ๐๐ฉ๐ฌ๐ ๐ญ๐จ ๐ ๐จ๐ซ๐๐๐ ๐๐ข๐ช๐ฎ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐ฒ ๐๐ฑ๐๐ก๐๐ง๐ ๐
The team behind blockchain platform Mantra has attributed the abrupt 90% plunge in its native token OMโs value to sudden, forced position closures by centralized exchanges. On April 13, OM fell from $6.30 to under $0.50, wiping out over $6 billion in market capitalization.
In an official statement on X, Mantra co-founder John Mullin stated, โWe have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.โ Mullin further indicated that the timingโduring low-liquidity hours on a Sunday evening UTCโsuggested either negligence or potentially intentional market behavior. He noted that one exchange in particular might be responsible but clarified that Binance was not involved.
Amid speculation from the community, Mullin denied theories suggesting the team had taken out large loans using OM as collateral or orchestrated a rug pull. He emphasized that OM tokens remain locked under the published vesting schedule, and all token wallet addresses remain transparent and online.
Following the crash, OM briefly recovered above $1 but has since retraced to approximately $0.7894, according to CoinGecko. The token is now down over 91% from its all-time high of nearly $9 reached in February.
Blockchain analytics firms Spot On Chain and Lookonchain reported that whales moved significant amounts of OM to exchanges days prior to the collapse. Spot On Chain highlighted a loss of over $400 million among certain whale addresses, while Lookonchain noted that 43.6 million OM (4.5% of circulating supply) had been deposited to exchanges since April 7.
Mantra is expected to provide further clarity during an upcoming community session on X.
