This weekend, the value of the MANTRA token (OM) misplaced 90% of its $6 billion market cap, a collapse that, in keeping with its CEO, was the work of centralized exchanges initiating “reckless forced closures” and never a rugpull.
MANTRA is a real-world asset (RWA) venture that signed a billion-dollar cope with Dubai builders to tokenize numerous property, together with actual property and knowledge facilities.
As its worth dropped, X customers speculated that MANTRA insiders could have rugpulled the token and claimed that its telegram chat was deleted throughout the drop.
Nevertheless, MANTRA CEO John Patrick Mullin refutes these claims. Mullin denied any notion of insider promoting and offered a hyperlink to the still-online MANTRA telegram chat, claiming that its bot briefly shut it down after detecting spam.
Sherpas, OMies, and broader crypto group,
First off, the workforce and I tremendously admire the assist that we’ve acquired over the previous a number of hours, which we consider is a testomony to the robust assist MANTRA has amongst its buyers and group.
We now have decided that…
— JP Mullin (
, 
) (@jp_mullin888) April 13, 2025
Who’s accountable?
Mullin attributes OM’s drastic worth drop to “reckless forced closures initiated by centralized exchanges on OM account holders” with out warning. He additionally suggests, with out giving names, that one alternate could possibly be accountable and that it doubtless doesn’t start with a “C” or a “B.”
Mullin additionally mentioned the timing of the incident throughout low liquidity hours “points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”
Alphanonce reported that Mullin addressed the incident at RWA Summit, claiming, “Large investors using $OM as collateral were liquidated,” and {that a} “post mortem” is coming quickly.
Each Binance and crypto funding agency Laser Digital have distanced themselves from OM’s token fallout. Lookonchain additionally notes how 5 hours earlier than the collapse, $12.6 million value of OM was despatched to a pockets linked to enterprise capitalist Shane Shin. This sum is now value roughly $1.6 million.
Crypto sleuth ZachXBT was additionally not impressed with certainly one of MANTRA’s public addresses, whereas Wu Blockchain highlighted how MANTRA has lied about FTX investments up to now.
