It all began when a wallet, suspected to be linked to the Mantra ($OM) team, suddenly deposited 3.9 million $OM tokens onto OKX. This sparked immediate concern—and for good reason.
The Mantra team reportedly controls around 90% of the token’s total supply. That kind of concentrated ownership means a small group essentially controls the market, creating serious price manipulation risks. Naturally, this already had investors on edge.
Over the past year, trust in the project had been eroding. Community members voiced growing concerns: allegations surfaced that the team was working with market makers to prop up the token’s price, they quietly altered the tokenomics, and they repeatedly delayed a much-anticipated community airdrop. Suspicion and doubt were already in the air.
So when the massive deposit hit OKX, many feared it was the beginning of a dump—and they were right. Selling pressure quickly followed.
But things spiraled out of control due to another factor: rumors of OTC (over-the-counter) deals. Word spread that $OM had been sold privately to investors at heavy discounts—some as much as 50% off. When the token’s market price dropped by that same amount, panic set in among those private investors.
Suddenly, everyone was scrambling to exit. This triggered a vicious domino effect: more selling, stop-losses hitting, leveraged positions getting liquidated. In less than an hour, $OM collapsed by over 90%.
This wasn’t just a dip—it was a complete implosion. Over $5.5 billion in value was wiped out in minutes. And many retail investors were blindsided, unaware of what had been going on behind the scenes.
The lesson here? Be wary of tokens where a handful of insiders hold most of the supply. Watch for red flags like lack of transparency, unkept promises, and suspiciously stable price behavior. Always do your due diligence before investing—because in crypto, the fallout from hidden risks can be swift and brutal.
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