Another cryptocurrency market collapse, with the Mantra token ($OM) dropping 90% in a few hours on Sunday (13), wiping out over $5 billion in market value.
The surprise drop caused panic among investors and raised suspicions that the team behind the project may have executed a rug pull — when the developers themselves sell off their tokens en masse and abandon the project.
Before the collapse, OM was trading at around $6.30 and had a market capitalization close to $6 billion. Within minutes, the price fell to less than $0.50, leaving the community stunned and without answers.
The episode made the name 'Mantra' trend on X (Twitter) and Reddit, with direct comparisons to the collapse of the Terra (LUNA) ecosystem in 2022.
Accusations of rug pull and developer flight
Several pieces of evidence point to a possible scam executed by the Mantra team itself.
Community reports indicate that approximately 90% of the circulating supply of the token may have been dumped all at once, from addresses linked to the development team.
Shortly after, the official Telegram group of the project was deleted — a typical move in such frauds, when those responsible disappear to avoid scrutiny and questioning.
Users on Reddit, Twitter, and on-chain analysis platforms pointed to unusual movements of large volumes of OM to exchanges before the collapse.
In addition, massive selling volumes were recorded on DEXs like Uniswap, where over $6 million in tokens were liquidated in a few hours.
No technical failure or hacker attack has been reported, which reinforces the hypothesis that it was a deliberate action by the founders themselves.
Total silence and billion-dollar losses
As of the publication of this article, no official statement has been released by those responsible for Mantra. The project website remains active, but the social channels have remained silent since the collapse.
The lack of explanations led investors to classify the case as a true scam, with losses already exceeding $5 billion.
'Largest rug pull since LUNA,' wrote a user on Twitter. 'The Mantra team needs to be behind bars. This is a crime,' commented another.
Some investors report that exchanges temporarily suspended trading of the token during the drop, although there is no official confirmation yet about permanent delistings.
Timeline of the collapse
• April 7, 2025: Project announces a $108 million fund to boost the ecosystem, raising market expectations.
• April 13, morning: OM token is traded for over $6, with a market value around $6 billion.
• April 13, noon: Large volumes of OM start to be dumped into the market. Price plummets below $1.
• April 13, afternoon: Value reaches $0.50. Official Telegram group is erased. Community accuses scam.
• April 13, evening: No official statement from the team is published.
Delistings in the coming days are not ruled out. Exchanges usually remove or suspend an asset if it becomes evident that it is a scam or that those responsible have abandoned the project.
Affected investors are already pressing for action — whether from the listing platforms or authorities. The community is discussing possible legal measures against the founders of Mantra, alleging fraud and market manipulation.
In the short term, confidence in the project was destroyed: even though the token is still technically available for trading, the market consensus is that OM has become practically insolvent (tending to zero) after the episode.