#SecureYourAssets
The OM token has plummeted 90% from $6 to $0.70, sparking rug pull fears and speculations of a potential hack. The Mantra leadership team attributes the crash to sudden liquidations triggered by centralized exchanges, dismissing rug pull rumors. Over $5 billion was eliminated from the token's market cap, which dropped from $6 billion to $700 million.
*What Happened:*
- The OM token's price collapse occurred during low-liquidity hours, suggesting forced closures of account positions without warning.
- A large transfer of OM tokens to OKX before the crash has raised suspicions.
- Some traders shorted OM, capitalizing on the collapse, while others pointed to the transfer as a potential trigger.
*Possible Causes:*
- *Forced Liquidation*: Centralized exchanges may have initiated sudden closures of account positions, leading to the price drop.
- *Rug Pull or Exploit*: Some believe OM was subjected to a rug pull or exploit, although the Mantra team denies these allegations.
*What to Do:*
- *If You Hold $OM*: Consider selling your tokens to minimize losses, as rug pulls can result in significant losses.
- *If You're Affected*:
- *Save Transaction Records*: Document all your transactions for potential future reference.
- *Check Official Channels*: Monitor the project's official channels for updates, if available.
- *Avoid Interacting with the Token*: Refrain from interacting with the token or smart contract to minimize potential risks.
- *General Advice*:
- *Don't Buy the Dip*: Avoid buying into the dip, as it may not be a bargain but a trap.
- *Report Suspicious Activity*: Inform authorities like Etherscan or BSCScan about suspicious activity.
- *Stay Informed*: Follow community updates on Twitter or Telegram to stay alert.
$OM
