{"id":22998,"date":"2025-04-14T11:13:31","date_gmt":"2025-04-14T08:13:31","guid":{"rendered":"https:\/\/forklog.com\/en\/mantra-token-plummets-90-amid-allegations-of-reckless-liquidations\/"},"modified":"2025-04-14T11:13:31","modified_gmt":"2025-04-14T08:13:31","slug":"mantra-token-plummets-90-amid-allegations-of-reckless-liquidations","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mantra-token-plummets-90-amid-allegations-of-reckless-liquidations\/","title":{"rendered":"Mantra Token Plummets 90% Amid Allegations of Reckless Liquidations"},"content":{"rendered":"<p>On April 13, the native token of the RWA project Mantra saw its price collapse by approximately 90% within three hours, prompting speculation of fraudulent activity within the community.<\/p>\n<p>The value of MANTRA (OM) fell from around $6.3 to below $0.5. After a rebound, the token traded near $0.8, with its market capitalization shrinking to <a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B\/mantra\">$765 million<\/a>\u2014a reduction of approximately $5.5 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"582\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37-1024x582.png\" alt=\"OMUSDT_2025-04-14_09-23-37\" class=\"wp-image-256546\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37-1024x582.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37-300x171.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37-768x437.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37-1536x873.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/OMUSDT_2025-04-14_09-23-37.png 1567w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute chart of OM\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/OMUSDT\/?exchange=BINANCE\">TradingView<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The team needs to address this issue, or OM could drop to zero. The biggest rug pull since LUNA\/FTX?&#8221; <a href=\"https:\/\/twitter.com\/AltcoinGordon\/status\/1911498665786585397\">wrote<\/a> a user named Gordon.<\/p>\n<\/blockquote>\n<p>According to an investor known as Sjuul, Mantra&#8217;s developers controlled about 90% of the total OM supply, which, among other reasons, led to trust issues within the community. He stated that the team:<\/p>\n<ul class=\"wp-block-list\">\n<li>used a market maker to artificially support the price;<\/li>\n<li>changed the tokenomics without public disclosure;<\/li>\n<li>delayed a promised airdrop.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> is the <a href=\"https:\/\/twitter.com\/search?q=%24LUNA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LUNA<\/a> of this cycle.<\/p>\n<p>$6B+ wiped out within 30 minutes.<\/p>\n<p>But why did it happen?<\/p>\n<p>?: THE <a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> CRASH DECODED?<\/p>\n<p>( MUST REPOST AND LIKE ) <a href=\"https:\/\/t.co\/7Cz8ymsrHH\">pic.twitter.com\/7Cz8ymsrHH<\/a><\/p>\n<p>\u2014 Sjuul | AltCryptoGems (@AltCryptoGems) <a href=\"https:\/\/twitter.com\/AltCryptoGems\/status\/1911518603419287715?ref_src=twsrc%5Etfw\">April 13, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The transfer of 3.9 million OM from a wallet allegedly linked to the project to the OKX exchange raised concerns about a potential sell-off.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Rumors circulated that Mantra made private deals with investors, offering tokens at huge discounts\u2014some at 50% or more,&#8221; noted Sjuul.<\/p>\n<\/blockquote>\n<p>The drop in OM&#8217;s price below the acquisition cost for these buyers triggered market panic and led to the liquidation of leveraged positions.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;It was a complete collapse. More than $5.5 billion vanished in an instant,&#8221; emphasized the investor.<\/p>\n<\/blockquote>\n<p>On-chain analysts confirmed significant OM transfers to exchanges OKX and Binance in recent days.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">A wallet labelled as <a href=\"https:\/\/twitter.com\/LaserDigital_?ref_src=twsrc%5Etfw\">@LaserDigital_<\/a> deposited over $41M worth of <a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> into OKX just 2 days ago.<a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> price has dumped 90% in the last few hours\u2757\ufe0f<\/p>\n<p>This wallet received the majority of its <a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> holdings from GSR over a year ago!<\/p>\n<p>Address:<br \/>0xB37DBDec19737d52cDC8fD969B92bAA9e044f26A <a href=\"https:\/\/t.co\/PRoRFGNLRH\">pic.twitter.com\/PRoRFGNLRH<\/a><\/p>\n<p>\u2014 Amir Ormu (@AmirOrmu) <a href=\"https:\/\/twitter.com\/AmirOrmu\/status\/1911505581837541544?ref_src=twsrc%5Etfw\">April 13, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We found that the OM market movements were caused by reckless forced liquidations initiated by centralized exchanges on OM holders&#8217; accounts. The timing and depth of the crash suggest that the extremely sudden liquidation of positions was initiated without proper warning or notification,&#8221; stated the project&#8217;s <a href=\"https:\/\/x.com\/jp_mullin888\/status\/1911559071263822020\">statement<\/a>.<\/p>\n<\/blockquote>\n<p>Mantra CEO John Patrick Mullin assured:<\/p>\n<ul class=\"wp-block-list\">\n<li>there was no hack;<\/li>\n<li>no active OM sales by the team or major investors occurred;<\/li>\n<li>insiders, including project participants, did not profit from the price movements.<\/li>\n<\/ul>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">JP Mullin (CEO of <a href=\"https:\/\/twitter.com\/MANTRA_Chain?ref_src=twsrc%5Etfw\">@MANTRA_Chain<\/a>) remarks at BTCON RWA Summit today on <a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> price action overnight <\/p>\n<p>\u2022 No exploit or hack <br \/>\u2022 No active selling from MM or investors <br \/>\u2022 Large investors using <a href=\"https:\/\/twitter.com\/search?q=%24OM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OM<\/a> as collateral were liquidated, which caused drastic price action <\/p>\n<p>\u2022 Post mortem\u2026 <a href=\"https:\/\/t.co\/2s59WZGn86\">https:\/\/t.co\/2s59WZGn86<\/a> <a href=\"https:\/\/t.co\/eThEH3gIvf\">pic.twitter.com\/eThEH3gIvf<\/a><\/p>\n<p>\u2014 alphanonce Intern (@alphanonceStaff) <a href=\"https:\/\/twitter.com\/alphanonceStaff\/status\/1911642331272356036?ref_src=twsrc%5Etfw\">April 14, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He confirmed that the price collapse was caused by large-scale liquidations of positions using OM as collateral. Regarding the large token transfers, Mullin noted they were related to bridge interactions through &#8220;basket wallets.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We are here to stay,&#8221; emphasized the project&#8217;s co-founder.<\/p>\n<\/blockquote>\n<p>Back in March, hackers breached the RWA protocol Zoth, causing a loss of <a href=\"https:\/\/u1f987.com\/en\/news\/zoth-protocol-suffers-8-4-million-hack\">$8.4 million<\/a> in digital assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 13, the native token of the RWA project Mantra saw its price collapse by approximately 90% within three hours, prompting speculation of fraudulent activity within the community. The value of MANTRA (OM) fell from around $6.3 to below $0.5. After a rebound, the token traded near $0.8, with its market capitalization shrinking to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1308,596],"class_list":["post-22998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-rwa","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/22998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=22998"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/22998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/22997"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=22998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=22998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=22998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}