MANTRA $OM Token Crash: $5.5 Billion Vanish in Minutes

What Went Wrong?

The OM token fell 90%, from $6.33 to $0.50, within less than an hour, wiping out $5.5 billion worth of market cap and recalling the Terra LUNA disaster.

3.9 million suspicious OM tokens (associated with team addresses) deposited in OKX caused sell-off panic.

- The team has about 90% of the supply, leading to fears of manipulation.

- Unreported OTC trades with 50%-discounted tokens.

- Forced exchange liquidations exacerbated the crash.

The team denies any wrongdoing, blaming "reckless exchange liquidations" but silenced their Telegram during the crisis, infuriating investors.

This incident highlights the risks of low-float, team-controlled tokens, emphasizing the need for transparency and decentralization to protect investors.

Should exchanges have more stringent listing rules for such tokens?

As you all Know WalletConnect $WCT has gone live, and more information on WCT trading and the price competition soon! Pre-market sales and Guess price contest are now available, get more out of it.
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