Apr 17, 2025
Ibiam Wayas
On April 13th, Mantra (OM) saw its value suddenly tank by more than 98%, wiping out over $6 billion from its market cap in under 60 minutes.
OM wasn’t a meme coin of any sort. In fact, Mantra was supposed to be a Layer 1 chain, aiming to bring real-world assets (RWAs) like bonds and real estate on-chain.
In a post-mortem report, Mantra’s team claimed that the crash was triggered by reckless forced closures initiated by centralized exchanges on OM account holders.
“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” said the CEO, John Patrick Mullin.
Meanwhile, a subsequent interview with the CEO and Coffeezilla shed light on some ill practices by the team. Mantra used OTC sales funds to artificially manipulate the price up via their MM.
The CEO admitted to dumping $30-$45 million of OM via OTC, then buying back $10 million.
As of now, OM has yet to recover. The team is now planning to burn all tokens in order to regain community trust amid the collapse, which many are now calling “the second-largest crash after Luna collaspe.”
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