Another major crypto crash, OM Coin, fell from $6 to zero in an hour yesterday.
The reason for this was the suspicious activity of its team, as a result of which many people started withdrawing money at once and this coin lost its volume of five billion dollars to a few million dollars.
Before that, Luna Coin had such a big creation in 2022, in which this coin fell from $116 to $0.00008. The reason for this was its own stable dollar whose value was linked to Luna. When the value of this dollar fell, the algorithm tried to keep it stable by creating more Luna Coin and as a result, it created 6.5 trillion Luna from 380 million.
This crash was so terrible that the entire crypto market collapsed as a result. And the value of even Bitcoin was halved. Overall, the Luna Coin crash wiped out $60 billion worth of capital from the market at the time.
