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Another black Monday for crypto: 90% COLLAPSE for MANTRA (OM)
By Davide Grammatica
The MANTRA (OM) token, based on the L1 of the same name focused on RWA, suffered a sudden collapse of 90% in a few hours: what happened?
The collapse of OM
It’s another start to the week from nightmare for the crypto community. This time on the DeFi side, where the OM token, native to the Mantra Chain network, collapsed by over 90% in less than two hours. According to the development team, it is a “forced liquidation”, but the debate in the community is still open.
They refer to the massive sale of the token on a centralized exchange, not linked to direct actions by the team. And the version was re-shared by co-founder John Patrick Mullin, who is apparently still “working to clarify every detail”.
However, the intensity of the dump raised numerous doubts among investors, with OM going from a value of over $6 to about $0.50 in a matter of hours. Meanwhile, the official Mantra Telegram group became inaccessible, shortly after a final message that tried to calm the community.
Many suspicions arise from previous accusations against the team, which in the past had been challenged for controlling a large part of the circulating supply of the token. Mullin himself, however, has rejected any such accusations.
One user X, in all of this, has identified three specific wallets that have sent millions of dollars in OM to Binance and OKX in the last 48 hours. One of these, in particular, is said to have received a whopping $36 million on March 21.
Suspicions surrounding Mantra
The whole affair only adds to the controversy that already surrounded the project. Six members of the MANTRA DAO, for example, have been sued in Hong Kong for alleged embezzlement.
Mullin, meanwhile, has tried to shift the focus to future plans, such as the recent partnership with DAMAC Group to tokenize over $1 billion in Dubai real estate.
