🚨𝐌𝐚𝐧𝐭𝐫𝐚 𝐀𝐭𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐬 𝐎𝐌 𝐓𝐨𝐤𝐞𝐧 𝐂𝐨𝐥𝐥𝐚𝐩𝐬𝐞 𝐭𝐨 𝐅𝐨𝐫𝐜𝐞𝐝 𝐋𝐢𝐪𝐮𝐢𝐝𝐚𝐭𝐢𝐨𝐧𝐬 𝐛𝐲 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞
The team behind blockchain platform Mantra has attributed the abrupt 90% plunge in its native token OM’s 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, “We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders.” Mullin further indicated that the timing—during low-liquidity hours on a Sunday evening UTC—suggested 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.
