The Troubled Decentralized Finance (DEFI) platform mantra released an official statement that responded to the reasons for a 92% Flash crash of OM token on April 13.
An April 16 announcement titled “Statement of Events: 13 April 2025” reiterates that crashing is not involved Any sales of the project token itselfAnd the mantra team remains fully functioning and ongoing investigations into the incident.
Although Mantra CEO John Mullin said the team is preparing a post-mortem, the new statement has offered some new details about the factors behind the rapid movement of OM tokens in exchanges and the subsequent cascade of extermination.
Limited circulation of mainnet om tokens
The post re -said that there are two types of OM tokens, with an Ethereum based (ERC-20) and the other running on the mainnet of the mantra.
“The incident is almost exclusively involved in the ERC-20 OM, because ERC-20 OM represents almost the entire liquid market,” Mantra said in a statement.
Launched in August 2020, the original ERC-20 OM token had a fixed supply of 888.8 million OM, with 99.9% of these tokens in public circulation until April 15.
However, Mantra Mainnet Om Tokens had only 77.5 million in circulation after the mantra chain that mininted an equivalent amount of OM in October 2024.
Mantra’s conclusions
In addition, the post cites a difference -OM SPOTS prices in OKX and Binance. The difference -Irs started at 6:00 pm UTC, about an hour before OM token crashing, According to This coingecko.
Among its conclusions, Mantra said further information from its exchange partners would “provide more clarity on these events, addition:
“We invite our centralized exchanging partners to cooperate in providing more clarity on trading activities during this time.”
The mantra team has confirmed that it is preparing a support plan for OM with both a token buyback and a supply burn. No timeline was provided for the control of this plan.
Related: Mantra CEO plans to fire team tokens to bid to win community trust
As previously reported by Cointelegraph, Okx CEO Star Xu called mantra A “big scandal” in a post published time following the crash. Mantra CEO Mullin also said Binance is the largest holder of OM token, citing Ethercan Records.
Cointelegraph contacted the mantra team for further comment on the statement of April 16 but did not receive a response through the time of publication.
Magazine: Memecoins are ded – but solana ‘100x better’ in spite of income plunge
