Mantra Crypto Crash: $4.5 Billion Wiped Out After 90% Plunge Amid Rug-Pull Allegations

The Mantra crypto crash wiped out over $4.5 billion in less than two hours after OM plunged 90%, sparking rug-pull fears.

The Mantra team denied any involvement.

“Today’s activity was triggered by reckless liquidations, not anything to do with the project,” Mantra posted on its official X account on April 13. “One thing we want to be clear on: this was not our team.”

The Mantra token saw its market cap drop from over $5 billion to around $500 million in less than 2 hours. 

An investor said in the project’s Telegram group that the “team rugged” and that “it’s over.” Community lead Dustin McDaniel replied to the message and denied that the team was behind the selling activity. 

He added that the team is based in Hong Kong and that it was 3:00 a.m. in the morning when the activity occurred.

Crazy stuff going on $OM