The Token Mantra (OM) underwent a catastrophic collapse of the price on April 13, falling by more than 90 % in less than an hour and erasing more than $ 5.5 billion in market capitalization. The sudden crash, which brought OM from a summit of $ 6.33 to less than $ 0.50, was compared to the sadly famous collapse of Terra Luna, with thousands of holders who would have lost millions. Why did Mantra (OM) fall? Many reports suggest that the trigger is an important tokens deposit linked to a portfolio allegedly associated with the Mantra team. Onchain data shows a deposit of 3.9 million tokens OM on OKX, arousing concerns about a possible imminent massive sale. Since the Mantra team would control almost 90 % of the total token offer, this movement immediately raised suspicions of internal activity and price manipulation. Collapse of the price of Mantra OM. Source: TradingView The OM community has long expressed concerns about transparency. Allegations emerged in the past year, suggesting that the team manipulated the Token Prize via market makers, changed the Tokenomics and repeatedly delayed a community. When the deposit on OKX was spotted, the fears that initiates are preparing to sell were amplified. The reports also indicate that Mantra could have engaged in non-disclosed Over-the-Counter (OTC) transactions, selling tokens at significant discounts-in some cases 50 % below the market value. While OM’s price was quickly declined, these OTC investors underwent losses, which would have triggered a massive exodus while panic seized the market. The chain reaction has sparked stop-loss orders and forced liquidations on leverages, aggravating the collapse. The Mantra team has denied all the allegations of Rug Pull and maintains that its members have not initiated the sale. In a public statement, the co -founder John Patrick Mullin said that the team investigates what went wrong and undertakes to find a solution. The official telegram canal of the project was locked during the crisis, which added to the frustration and speculation of the community. “We have determined that the movements of the OM market have been launched by reckless forced closures initiated by centralized exchanges on the accounts of OM holders. The timing and the depth of the crash suggest that a very sudden closure of account positions has been initiated without sufficient warning or notice, “wrote the founder of Mantra, JP Mullin. If OM fails to straighten up, this would mark one of the greatest collapses in the history of the crypto since the terra Luna crash in 2022. Thousands of affected holders are now requiring transparency and responsibility on the part of the Mantra team, while the entire Crypto market observes carefully to obtain answers. Notice of non-responsibility Non-responsibility notice: In accordance with the guidelines of The Trust Project, BEINCRYPTO undertakes to provide impartial and transparent information. This article aims to provide exact and relevant information. However, we invite readers to verify the facts of their own and consult a professional before making a decision on the basis of this content.
