🚨Mantra’s OM Crashes 90% in Bizarre Selloff as Team Alleges 'Forced Liquidations'

Crypto traders were reminded of Terra’s LUNA early Monday as trendy real-world asset upstart Mantra’s OM token dropped 90% within hours on no sudden catalyst — with conspiracy theories and allegations running abound among crypto circles.

OM plunged from over $6 to just over 40 cents late Sunday to early Monday in typically low liquidity hours for the crypto market — where outsized volumes can trigger massive price movements in either direction.

Today’s activity was triggered by reckless liquidations, not anything to do with the project.

Mantra lets users tokenize real-world assets (RWAs) like real estate and commodities, enabling compliant digital investments in tangible assets. Its OM token facilitates transactions and governance.

Meanwhile, co-founder John Patrick Mullin alleged the movement was likely due to exchanges closing OM positions, which impacted all market exposure.

OKX founder Star Xu added in a response to a separate post that flagged over $220 million in token deposits to exchanges before the price crash.

"It’s a big scandal to the whole crypto industry. All of the onchain unlock and deposit data is public, all major exchanges’ collateral and liquidation data can be investigated. OKX will make all of the reports ready," Xu said.

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