The team behind the Mantra of the Blockchain of active active workers realized that the sudden dive of 90% of its native token was caused by exchanges by force the positions without notice, with an exchange currently anonymous potentially to blame.
On April 13, the Prix du Mantra (OM) increased from $ 6.30 to $ 0.50, quickly losing more than 90% of its market capitalization of $ 6 billion.
“We have determined that the movements of the OM market have been launched by reckless forced closures initiated by centralized exchanges on OM account holders,” the co-founder of Mantra wrote John Mullin, in a statement of April 13 on X.
“The time and the depth of the accident suggest that a very sudden closure of account positions has been launched without sufficient warning or notice,” he added.
Source: John Mullin
“This happened during low liquidity hours in a Sunday evening UTC time, in Asia early in the morning,” emphasizes a certain degree of negligence, or perhaps the positioning of the intentional market taken by centralized exchanges. “
Mullin told an X user that he thought that an “in particular” exchange was to blame, but said that he “still determined the details”. He told others that the centralized exchange in question was not a binance.
Mantra has a future community connection on X, where Mullin says that the team would share more information.
Source: John Mullin
Some traders allege that the collapse of the tokens was a carpet traction, while others speculate that the Mantra team had used their chips as guaranteeing a massive loan of a centralized exchange and the team fell prey to a change in risk parameter, then a margin call.
Mullin denied these theories in X follow -up messages, saying: “The team did not have an unanswered loan” and did not orchestrated a carpet traction.
“The tokens remain locked and subject to the periods of acquisition published. The Tokenomics of OM remains intact, as shared last week in our latest token report. Our token portfolio addresses are online and visible,” said Mullin.
Source: John Mullin
OM’s prize organized a minor recovery the day after the price collapse, returning briefly above $ 1, but it is back and is currently negotiating about $ 0.7894, according to Coingecko.
The token reached a historic summit of just under $ 9 on February 23 and is now down more than 91% of this figure.
Source: Star Xu
Millions of mantra tokens have moved the week before the collapse
The blockchain analysis platform on Chain declared in an article from April 14 to X that some OM whales had moved 14.27 million tokens for the exchange of Crypto OKX three days before the accident. In March, the same whales recovered 84.15 million OM for $ 564.7 million.
“Now, after a sudden drop of 90%, their 69.08 million OM remaining only 62.2 million dollars, which has put its total loss estimated at 406.3 million dollars,” said Spot on Chain.
“However, they may have covered the position elsewhere, and it is possible that they have contributed to a clear drop.”
Source: Compensate for the chain
At the same time, the blockchain Lookonchain blockchain analysis platform said that since April 7, at least 17 portfolios have deposited 43.6 million OM in crypto exchanges, representing 4.5% of food in circulation.
In relation: Mantra unveils $ 108 million to support the tokenization of real assets, DEFI
In January 2025, the Conglomerate of Mantra and Investment Damac signed an agreement of $ 1 billion for Tokensize the various assets of the investment conglomerate.
Meanwhile, Mantra announced on February 19 that he had received a license from virtual asset service provider from the Dubai virtual asset regulatory authority.
Review: Illegal arcade disguised as… a false bitcoin mine? Soldiers scams in China: Asia Express
