14-4-2025 – The MANTRA token (OM), tethered to real-world asset tokenisation, plummeted by an astonishing 95% in mere hours, its value collapsing from $6.17 to a paltry $0.42. This cataclysmic drop erased over $6 billion from its market capitalisation, leaving investors reeling, many grappling with the loss of their life savings.
The seeds of this turmoil were sown days earlier, when a cadre of prominent OM holders transferred 14 million tokens, valued at approximately $91 million, to the OKX exchange. These same investors had amassed over 84 million OM tokens on Binance in March, but the crash slashed their holdings’ worth to $62.2 million—a staggering $400 million loss. Yet, the devastation was not confined to these titans. Individual investors shared heart-wrenching tales: one saw a $3.5 million stake dwindle to under $200,000, while another mourned an $800,000 loss, lamenting they felt “rugged” by the project’s collapse.
JP Mullin, MANTRA’s co-founder, pointed the finger at centralised exchanges, alleging their abrupt liquidation of a major holder’s tokens sparked a frenzy of panic selling. He insisted the MANTRA team played no part, with their tokens securely locked and traceable on-chain. Mullin suggested the exchange’s actions, possibly executed during a lull in trading activity, amplified the chaos. Though he refrained from naming the culprit, OKX’s founder swiftly pledged a forthcoming report to shed light on the debacle.
As the dust settles, the MANTRA team has vowed to host a community dialogue on X, offering a platform to address concerns and clarify the path ahead. For now, they urge vigilance, warning holders to steer clear of fraudulent links and impostor accounts. Official updates, they assure, will flow solely through verified channels, as the community braces for answers in this turbulent chapter.
