The Collapse of Mantra (OM) Token within just a few hours has triggered panic among investors and raised doubts about the project’s stability.
Key Highlights:
- Mantra (OM) lost 95% of its value in just a few hours – dropping from $6.17 to $0.42.
- Over $6 billion in market capitalization was wiped out.
- The Mantra team blamed centralized exchanges (CEXs) for mass sell-offs.
- A community meeting is planned, and investors are warned about fake accounts and links.
What Happened to the Value of Mantra (OM)?
In recent days, the OM token – part of the MANTRA project focused on tokenized real-world assets – experienced a dramatic 95% crash. Its price plummeted from $6.17 to just $0.42, leaving thousands of investors with huge losses. In just a few hours, over $6 billion in market value was destroyed.
Investors Lost Millions
Three days before the crash, a group of large OM holders transferred over 14 million tokens, valued at around $91 million, to the OKX exchange. These addresses had previously purchased over 84 million OM on Binance back in March.
After the crash, however, those same wallets are now worth about $62.2 million, meaning losses of over $400 million.
Individual investors also shared their pain:
- One user claimed to have invested $3.5 million, which is now worth under $200,000.
- Another said they lost $800,000 and felt deceived by the project.
How Did the Crash Happen?
Mantra co-founder JP Mullin blamed centralized exchanges (CEXs) for forcefully selling large quantities of tokens, which triggered panic and a cascading sell-off.
He emphasized that the Mantra team did not participate in these actions and that their tokens remain locked and visible on the blockchain.
Although he did not name a specific exchange, the founder of OKX publicly responded and promised an official report to shed light on the events.
What’s Next for Mantra (OM) Holders?
The Mantra team announced that they will host a discussion with the community on the social network X (formerly Twitter), where they will answer questions and explain the next steps.
In the meantime, token holders are warned to beware of fake links and accounts posing as official sources. All updates will be published only through Mantra’s verified channels.
Lessons from the Collapse
The collapse of Mantra (OM) is a serious blow to investors, especially for those who committed large sums. Despite the accusations against centralized exchanges, many unknowns remain about the events. While we await more information from the team, it’s important to stay vigilant and rely only on official sources for updates.
This article is for general informational purposes only and is not intended to be, nor should it be considered, legal or investment advice.
