Yesterday Mantra OM crashed from $6.32 to $0.57
$41M of $OM was transferred just two days before
A rug in real time - on major centralized exchanges
Let’s break down what really happened👇
𓁼 The collapse of Mantra ($OM), a token once listed in the top 50 and trading on Binance, shocked the entire crypto space
𓁼 Within a few hours, the price of OM crashed from $6.32 to $0.57, wiping out over $5.5 billion in market value
𓁼 This wasn’t a regular correction or bear market move - it was a carefully orchestrated dump
𓁼 Retail was caught completely off-guard, and the official explanation blaming “liquidations” raised more questions than answers
𓁼 For many, it looked like a rug pull carried out in broad daylight by insiders
𓁼 A likely version of events begins with one wallet, labeled LaserDigital_, which transferred $41 million worth of OM to OKX just two days before the crash
𓁼 In the following hours, the Price of OM dropped over 90%, falling from $6.324 to $0.5708 on the OM/USDT chart on Bybit
𓁼 Blockchain data shows that this wallet had received the majority of its OM tokens from GSR, a known market maker, over a year ago
𓁼 Even more alarming, LaserDigital_ is listed as an official investor in MANTRA’s MEF investment fund - a $108,888,888 initiative
𓁼 This wasn’t some unknown whale - this was a named investor unloading tokens at peak hype.
𓁼 The situation escalated further due to changes in token distribution tied to a supposedly generous airdrop
𓁼 Mantra originally promised a OM 50M airdrop with 20% unlocked immediately
𓁼 That was later reduced to just 0.3% daily unlocks, and then changed again to 10% in March with the rest vesting until 2027
𓁼 These constant shifts were not bugs or mistakes - they were tactics to delay token distribution
𓁼 The delays gave insiders more time to position themselves while users remained locked and unable to exit
𓁼 What was advertised as a reward turned into a trap.
𓁼 In order to vote on vesting schedules, users were required to stake OM there Tokens
𓁼 However, when the vote was held, thousands of suspicious wallets appeared to participate
𓁼 Blockchain sleuths found evidence that many of these were likely fake, created to tilt the vote in favor of the team’s agenda
𓁼 The governance process was not democratic - it was manipulated
𓁼 This proves Mantra’s DAO was decentralized in name only
𓁼 Real power remained in the hands of the insiders.
𓁼 Just before the crash, one of the team wallets moved 3.9 m #om tokens to OKX
𓁼 This triggered a wave of sales, liquidations, and panic
𓁼 The market collapsed under the pressure, with no announcements or warnings to the community
𓁼 The execution was clinical and fast - a textbook example of how to rug retail without triggering alarms beforehand
𓁼 No investor protection, no circuit breakers, just an open drain of value
𓁼 A rug in real time - on major centralized exchanges.
𓁼 The project pushed users to bridge assets to the #mantra Chain before the crash
𓁼 Many users complied, thinking it was the next phase in ecosystem growth
𓁼 But behind the scenes, insiders had already bridged and positioned themselves for exit
𓁼 They used announcements and hype as exit liquidity
𓁼 Simultaneously, millions in OTC deals were conducted quietly at discounted rates
𓁼 When the price dipped, OTC buyers and insiders dumped without mercy
𓁼 The scale of the collapse was historic, even in crypto terms
𓁼 The price dropped over 90% in just a few hours, and over $5.5 billion in market cap was erased
𓁼 This surpasses many of the worst Layer 1 collapses in terms of velocity and impact
𓁼 Liquidity evaporated, price support vanished, and confidence was destroyed
𓁼 Exchanges like Binance and OKX are now under pressure to respond or delist
𓁼 Mantra’s core infrastructure may be permanently compromised
𓁼 After the dust settled, CEO John Patrick Mullin @jp_mullin888 made a short statement
𓁼 He said “my decision, my responsibility” and quickly pivoted to “I’m focused on building a $100B TVL chain”
𓁼 There was no detailed explanation, no investigation results, no commitment to victims
𓁼 Just a cold PR line and a focus on the next narrative
𓁼 For a project that lost billions in value, the tone was alarmingly indifferent
𓁼 This is not leadership - it’s damage control.
𓁼 At ever step, insiders remained in full control of the protocol and token dynamics
𓁼 They changed tokenomics three times
𓁼 Faked governance votes through anonymous wallets
𓁼 Controlled bridges and liquidity access
𓁼 Moved tokens between wallets and exchanges like a coordinated syndicate
𓁼 There was no decentralization - only deception
𓁼 Mantra has notable links with centralized exchanges like HTX (formerly Huobi) and Poloniex
𓁼 As trus $OM in osystem collapses, these platforms may face scrutiny or withdrawal waves
𓁼 Delistings are likely to follow to reduce exposure to legal and reputational risk
𓁼 This situation isn’t contained - it threatens a wider liquidity crunch
𓁼 Projects with similar investor structures should be watched closely
𓁼 What happened with Mantra could trigger a domino effect
𓁼 This is not a case of poor management or bad market timing
𓁼 This was a structured and deliberate strategy to exit at the top
𓁼 A top-50 token with full Binance support turned out to be an organized rug
𓁼 Insiders extracted billions while retail users were misled and locked in
𓁼 The language of “decentralization” was used to cover centralized theft
𓁼 Without proper regulation or transparency, it will happen again.
𓁼 What you can do right now to fight back against this scam and protect the space
𓁼 Tag @cz_binance and @binance and request an urgent delisting of $OM
𓁼 Report @MANTRA_Chain and @jp_mullin888 on X to raise awareness
𓁼 Share this thread so more people understand the mechanics behind these rug pulls
𓁼 Demand real transparency from projects that claim to be DAOs
𓁼 Only community pressure can stop this from becoming the new normal.
𓁼 The Mantra collapse isn’t an isolated incident - it’s a template
𓁼 If you don’t know who controls the treasury, you are the exit liquidity
𓁼 If governance can be manipulated, it’s not DeFi - it’s a casino
𓁼 Avoid protocols that push hype before releasing full tokenomics
𓁼 Stop trusting buzzwords - trust wallet flows, smart contract audits, and leadership history
𓁼 The next rug will look different, but the playbook is the same.
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