Picture this: You wake up. You check your crypto stash (because who needs coffee, right?), and bam. The OM token has had a midlife crisis. We’re not talking an “I bought a sports car and a questionable haircut” wobble. We’re talking: value slashed from $6.27 to $0.72 in the time it takes to microwave a sad meal-for-one. An elegant $5 billion—evaporated. Poof. Gone. One for the history books… or the Netflix special.
But wait, there’s more! As the collective jaw of the blockchain world hits the floor, Mantra DAO (the shadowy puppet masters, if one fancies a bit of drama) casually slides $26.95 million in OM tokens to a Binance wallet. This happened right after the price crash. The sheer lack of subtlety is almost inspiring. 🚶♂️💸
If you thought crypto was confusing, toss in a dash of “Oh by the way, the Mantra team owns 90% of all OM tokens.” Yes, NINETY. It’s like playing poker and realizing the house owns all the cards. Observers and Twitter sleuths have entered the chat, venting their suspicions with great enthusiasm and more than a pinch of schadenfreude.
With 90% already dumped in $OM, it seems like the $OM team is about to sell more.
2 hours ago, the @MANTRA_Chain DAO staked wallet sent 38M $OM ($26.96M) to #Binance Cold Wallet.
— Onchain Lens (@OnchainLens) April 14, 2025
Mantra CEO—Totally Not Dumping, Scouts Honour
JP Mullin, Mantra’s CEO, bravely stepped up to deny everything. “Not us! Honest!” Apparently, neither he nor his squad touched a thing as prices nosedived. According to Mullin, it’s the cold-hearted exchanges doing “forced liquidations” and not, for example, opportunistic team members pawning off buckets of OM like dodgy knockoff handbags.
He blames the price drop on algorithms that automatically sell when traders suddenly realize leverage isn’t a magical fountain of wealth. His explanation has not, it’s safe to say, brought universal calm.
Independent analysts? Less than convinced. Think Hercule Poirot, but with Twitter handles and spreadsheets. 🕵️♂️
On-Chain Whodunit: Blockchain Edition
Max Brown (no-nonsense blockchain detective) uncovered a timely “oops” moment: Mantra sent close to 4 million OM tokens to OKX right before the price collapse. You don’t need a magnifying glass to find that suspicious—just basic plot sense.
Here’s where it gets fun (for everyone except OM bagholders): the moment tokens hit big exchanges like Binance or OKX, they vanish into the Matrix. No tracking. No public record. It’s like your mate “forgetting” to transfer their share of the pizza money and then ghosting you for a month. 😂
MANTRA CHAIN $OM CRASHED 90% IN AN HOUR AND $5.5 BILLION GOT WIPED OUT.
HERE’S HOW AND WHY IT COULD HAVE POSSIBLY HAPPENED
IT ALL STARTED YESTERDAY WHEN A POSSIBLE $OM TEAM WALLET DEPOSITED 3.9 MILLION OM TOKENS ON OKX.
IT WAS WELL KNOWN IN THE CRYPTO SPACE THAT OM TEAM…
— Max Brown (@MaxBrownBTC) April 13, 2025
Technically, nobody has a smoking gun. But the parade of OM tokens marching into exchanges just before the whole thing turned into confetti? It’s raising more eyebrows than an awkward family dinner.
And Now: Conflicting Campfire Tales From Exchanges
Everyone’s favorite plot twist—a chorus of contradicting stories. Binance, guardian of all things liquidity and drama, agrees with Mullin: domino-like forced liquidations! Trust us! Nothing to see here. Move along.
OKX is less peace-and-love. They’re waving red flags about “major changes” to OM’s economy and, awkwardly for Mantra, confirmed big, mysterious token transfers to their platform during the crash. Oops?
With $5 billion gone, investor confidence is somewhere between “let’s never talk about this again” and “pass the whiskey.” If you came here for resolution, sorry—just crypto things. 🍿
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2025-04-15 19:18