Mantra says one particular exchange may have caused OM collapse
Mantra's native token, OM, experienced a 90% price drop from $6.30 to below $0.50 on April 13, leading to a loss of over $6 billion in market cap. The decline was attributed to forced position closures by centralized exchanges, with one exchange suspected but not named. Mantra co-founder John Mullin stated that the closures occurred without warning during low-liquidity hours, suggesting negligence or potential market manipulation. Mullin denied allegations of a rug pull or outstanding loans, asserting that tokens remain locked and vesting periods are intact. Following the crash, OM briefly recovered above $1 but is currently trading around $0.7894. Prior to the collapse, significant movements of OM tokens were noted, with some whales transferring millions to exchanges. Blockchain analytics indicated substantial losses for these investors, while Mantra continues to pursue asset tokenization initiatives and has secured a regulatory license in Dubai.
