In a twist that could only be described as “cryptic,” Mantra CEO JP Mullin has pointed the finger at centralized exchanges for the dramatic 90% nosedive of the OM token. 🎢
On Apr. 13, the price of Mantra (OM) took a swan dive from a lofty $6.30 to a pitiful $0.50 in mere hours. Mullin, in a post on X, attributed this financial freefall to forced liquidations by exchanges, executed during the wee hours of Sunday evening UTC—because, of course, that’s when all the best financial disasters happen. 🌙💥
Mullin was quick to clarify that the Mantra team and its investors were not behind the sell-off, as their OM tokens are still locked up tighter than a miser’s wallet. He also took the opportunity to reaffirm the project’s long-term commitment, urging the community to keep the faith. 🙏
Sherpas, OMies, and the broader crypto community,
First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.
We have determined that…
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 13, 2025
However, not everyone is buying Mullin’s explanation. Enter Max Brown, a crypto analyst who claims that the sell-off began when 3.9 million OM tokens were deposited on OKX by a wallet allegedly linked to the Mantra team. Given that the team controls nearly 90% of the total supply, this move sent shockwaves through the market. 🚨
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
The sell-off wiped out a staggering $5.5 billion in market capitalization, reducing OM’s market cap from $6 billion to a paltry $485 million at its lowest point. As of press time, the token is trading at $0.8623, a 90% drop from its February all-time high of $8.99. Trading volume, however, has skyrocketed by over 2,500% in the last 24 hours, reaching $1.9 billion. 📉💸
Mantra, a regulatory-compliant, real-world asset-focused layer-1 blockchain, has been making waves with its partnerships and regulatory progress. In January, it inked a $1 billion deal with real estate giant DAMAC to tokenize assets. It also received a virtual asset service provider license from Dubai’s VARA in February, allowing it to operate legally in the UAE. 🏢📜
Despite these achievements, the crash has reignited criticism of the project. Wu Blockchain, a popular X news channel, reposted a 2021 warning about Mantra’s founding team, linking them to a gambling website and previous false investment claims. Some traders have raised concerns about transparency and exchange processes, drawing parallels to past collapses like that of Terra. 🎲⚠️
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2025-04-14 09:19