The team behind the real-world tokenized asset blockchain mantra said the sudden 90% stab of the token was caused by exchanges that were forced to close positions without notice, with a current unnamed potential to blame.
On April 13, mantra (If) Price dropped from $ 6.30 to bottom $ 0.50quickly pouring over 90% of its $ 6 billion market cap.
“We have determined that OM market movements are triggered by recklessly forced closure initiated by centralized exchanges with OM account holders,” mantra-founder John Mullin write In a statement of April 13 at X.
“The timing and depth of the crashing suggests that a sudden closure of account positions has begun without sufficient warning or notice,” he added.
Source: John Mullin
“This happened during the low-colored hours on the UTC week night, early morning Asian time, pointing to a degree of neglect at the best, or possible intentional positioning in the market taken by centralized exchanges.”
Mullin said An X user they believe that an “particular” exchange is to blame but said they will “find out the details.” He told others that the centralized exchange in question was not Binance.
The mantra has an upcoming Community Connect with X, where Mullin said the team will share additional information.
Source: John Mullin
Some entrepreneurs declare the The fall of the token is a pull pullwhile others are Thinking The mantra team used their tokens as collateral to take a massive loans from a centralized exchange And the team was victimized by changing the loan risk parameter, then a margin call.
Mullin denied these theories in follow-up x posts, saying“The team has no remaining loan” and does not have a rug pull.
“The tokens remain locked and subject to published vesting periods. OM tokenomics remain intact, as shared last week in our latest token report. Our token wallet address is online and visible,” Mullin said.
Source: John Mullin
OM prices have performed a minor recovery at the following price collapse, briefly returning to the top of $ 1, but it is back and is currently trading around $ 0.7894, According to In coingecko.
The token hits a full time high just under $ 9 in Feb. 23 and now drops more than 91% from that figure.
Source: Star XU
Millions of mantra tokens move on the week before falling
The Blockchain Analytics platform area in the chain Says In a post on April 14 in X that some OM Whales moved 14.27 million tokens to the Crypto Exchange OKX three days before the crash. In March, both whales chose 84.15 million OM for $ 564.7 million.
“Now, after a brutal collapse of 90%, their remaining 69.08 million OM costs only $ 62.2 million, putting their total estimated loss to a terrible $ 406.3 million,” Spot told the chain.
“However, they may have been able to do the position elsewhere, and it is possible that they contribute to sharp collapse.”
Source: Spot on the chain
At the same time, the Blockchain Analytics platform lookonchain Says That since April 7, at least 17 purses have deposited 43.6 million OM in crypto exchanges, representing 4.5% of the switch -moving supply.
Related: Mantra opens a $ 108m fund to back the tokenization of real-world assets, defi
In January 2025, the mantra and conglomery of investment in Damac Signed a $ 1 billion deal to totokenize different investment conglomers.
Meanwhile, Mantra announced in February. 19 have received it A Virtual Service Provider’s Virtual Service License From the Virtual Assets Regulatory Authority of Dubai.
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