The OM token has recently experienced a dramatic crash, plummeting 90% in value, which has raised concerns about potential insider trading and market manipulation. Mantra's CEO has denied any wrongdoing and is focused on recovery plans for the token and its ecosystem.

**Crash Overview**

- The OM token's value dropped from $5.21 to $0.50 within hours, resulting in a loss of over **$5.4 billion** in market capitalization.

- This event has drawn comparisons to the collapse of LUNA, although analysts suggest that the fall of OM was largely self-inflicted.

**Key Factors Contributing to the Collapse**

- **Centralized Ownership**: Approximately **90% of OM tokens** were held in a single wallet, creating vulnerability to market fluctuations.

- **Forced Liquidations**: A sudden wave of forced liquidations totaling **$66.97 million** occurred within a short timeframe, exacerbating the price drop.

- **Preceding Sell Pressure**: In the days leading up to the crash, **17 wallets** offloaded **43.6 million OM** tokens to exchanges, representing about **4.5% of the circulating supply**.

**Market Reactions and Responses**

- **Denial of Involvement**: Nomura's Laser Digital, a strategic investor, has denied any involvement in the crash, stating that assertions linking them to investor selling are misleading.

- **Community Concerns**: The community is worried about the implications of such a rapid decline, with discussions around the need for better supply control and transparency in token management.

**Current Status**

- As of now, the OM token is trading around **$0.59**, showing little signs of recovery following the crash. The market remains cautious as investors assess the long-term viability of the token and the Mantra ecosystem.