Mantra’s 90% Crash: Exchanges or CEO’s Excuse? 🤔

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The plummet of MANTRA’s token was so steep it could’ve given a mountain climber vertigo. Speculation ran wild, with everyone pointing fingers faster than a game of Whac-A-Mole. But the project’s CEO, John Patrick Mullin, had a different story: blame the centralized exchanges. Because, of course, it’s always someone else’s fault. 🙄

Real-World Assets, Unreal Chaos

MANTRA, a platform that’s all about tokenizing real-world assets (because why own a house when you can own a digital representation of it?), saw its token OM take a nosedive. X users were quick to cry “rugpull,” pointing to a deleted Telegram group as evidence. Mullin, however, was faster than a caffeinated squirrel, denying everything and blaming a bot for the group’s temporary disappearance. “It’s not a rugpull, it’s spam!” he declared, as if that made it all better. 🐿️

The Blame Game

Mullin didn’t name names, but he did drop a hint: the exchange responsible “likely doesn’t begin with a ‘C’ or a ‘B’.” Cryptic, right? He also suggested the liquidations happened during low-liquidity hours, which could mean either incompetence or malice. Or maybe just bad timing. Who knows? 🤷‍♂️

Collateral Damage and Wallet Shenanigans

Mullin claimed that big investors using OM as collateral were liquidated without warning, causing a domino effect. He promised a full post-mortem, which is crypto-speak for “we’ll figure out what went wrong after the fact.” Meanwhile, blockchain analysts raised eyebrows at $12.6 million worth of OM being transferred to a wallet linked to venture capitalist Shane Shin just hours before the crash. That’s now worth about $1.6 million. Ouch. 💸

Binance and Laser Digital: “Not It!”

Both Binance and Laser Digital (Nomura’s digital arm) were quick to distance themselves from the mess. “Not us!” they said, in unison, like kids caught with their hands in the cookie jar. 🍪

As the crypto world waits for Mullin’s post-mortem, skepticism lingers like a bad smell. Until then, MANTRA’s internal workings remain as mysterious as a magician’s hat. 🎩

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2025-04-14 19:03