In one of the most dramatic implosions in recent crypto memory, the MANTRA (OM) token—once hailed as a rising star in real-world asset tokenization—plunged 95% in a matter of hours on April 14. The price collapsed from $6.17 to just $0.42, erasing over $6 billion in market capitalization and triggering widespread investor panic.
What triggered the crash?
The turmoil began when major OM holders moved 14 million tokens (worth $91M) to OKX. While seemingly routine, this transfer coincided with a cascade of forced liquidations that many suspect were initiated by the exchange itself. MANTRA co-founder JP Mullin claims a centralized exchange abruptly liquidated one large wallet, sparking a panic-driven sell-off.
He emphasized that the MANTRA team had no involvement and that their tokens remain locked and fully traceable on-chain. OKX’s founder has since promised to publish an official report explaining the situation.
Real People, Real Losses
Behind the charts are painful human stories:
– A user who held $3.5M in OM saw it drop to less than $200K.
– Another lost $800K, calling the event a betrayal.
These sharp declines wiped out entire portfolios, with investors on social media calling it a “rug pull,” despite MANTRA denying direct responsibility.
What happens now?
The MANTRA team plans to hold a community discussion on X (Twitter) to address growing concerns. In the meantime, they’re urging holders to avoid suspicious links and rely only on official channels for updates.
Market Insight: Rebound or Red Flag?
While some investors may view this as an opportunity to buy into a deeply discounted project, others remain cautious. The absence of transparency, the role of centralized exchanges, and the speed of the collapse all raise critical red flags.
Conclusion:
For now, MANTRA’s future depends not just on its roadmap but on restoring trust. Whether it’s a potential bounce-back or a cautionary tale depends on how the next few days unfold.
This article is for informational purposes only and does not constitute financial or investment advice.
