Mantras OM -Token collapsed by greater than 90% overnight, and the crypto world cannot agree. On April 13, the worth dropped from over $ 6 to lower than $ 0.50, deleted greater than 5 billion US dollars in market capitalization and triggered a widespread panic in the complete crypto industry.
The sudden crash recorded comparisons with the Luna Implosion from Terra, as a dealer looked for answers. Unpasted rumors about insider dumping, forced liquidations, failed wallets and exchange manipulation quickly spread – however the mantra insists that it was caught in the center.
Mantra had built a powerful position within the Real-World Asset Tokenization Narrative in April 13, which was supported by a 1 billion dollar deal for the actual estate and data centers of the Dubai-based Damac Group. In Dubai it received a license for Virtual Assets Regulatory Authority (Vara) and began an ecosystem fund of $ 108 million with the support of heavyweights comparable to Laser Digital, Shorooq, Amber Group and Brevan Howard Digital. In February 2025, the OM token reached an all-time high of virtually $ 9.
But on April thirteenth this swing was violently interrupted. The hours that followed painted an untidy picture of token transfers, insider speculations and shifted guilt. Here is an in depth have a look at the impact of the OM collapse.
24 hours of Mantra Om Fiasko
April 13 (16: 00–18: 00 UTC)
Mantras OM TOKEN acted on the side all day. In this two -hour window it fell from USD $ 5.52.
April 13 (18: 00–20: 00 UTC)
The token suddenly fell to USD 1.38 within the very starting, then only 0.52 US dollars in the following – and lost over 90% of its value in at some point. Social media broke out with theories, including a carpet, an insider dumping, forced liquidation or exchange manipulation.
Mantras OM will lose over 90% of his value in just a few hours. Source: Coingecko
April 13 (20: 00–22: 00 UTC)
Early speculation surrounded a carpet train that was triggered by a screenshot of a deleted telegram channel. This was later exposed since the deleted group was not Matra's official channel. CoinTelegraph has confirmed that the project of the project is energetic on the time of writing.
Mantra divided his first statement about X, however the short update was met with immediate counter -reactions from the community.
April 13 (22: 00–00: 00 UTC)
The co-founder and CEO of Mantra, John Patrick Mulllin, published a more detailed explanation of X, by which it was claimed that the market campaign of OM was triggered by “ruthless forced closures by centralized exchanges on OM account holders”.
“The timing and the depth of the crash suggest that a really sudden closure of the account positions was initiated without adequate warning or announcement,” said Mullin.
“That through the hours with low liquid on a UTC Sunday evening (early within the early morning of Asia) this shows to a certain degree of negligence or possibly deliberate market positioning by centralized stock exchanges.”
April 14 (00: 00–02: 00 UTC)
In the times before the crash, in response to Blockchain Tracker Lookonchain, a minimum of 17 bridles had a complete of 43.6 million OM (value 227 million US dollars) in Binance and OKX.
Two of those wallets were called Laser Digital, a strategic mantra investor, by the Blockchain data platform Arkham Intelligence. The label triggered further speculations and allegations against laser digitally. At the time of writing, the accuracy of Arkham's labels was not confirmed, and the platform didn’t answer the request from CoinTelegraph for clarification.
In the meantime, Mullin answered the community questions under his X -Post, which caused internal knowledge to indicate an exchange because the important reason behind collapse, while it was not that it was binance.
April 14 (02: 00–05: 00 UTC)
Both Binance and OKX reacted to the situation. Binance said: “Binance is aware that $ OM, the local token from Mantra, has experienced a big price volatility. Our first results show that the developments last day are a results of liquidations through the cross route.”
Okx -CEO -Star XU, which was posted on X: “It is an enormous scandal for the complete crypto industry. All Onchain drivers and deposit data are public. All safety and liquidation data of the massive stock exchanges will be examined. OKX will prepare all reports!”
Okx said: “After the incident, we’ve got carried out examinations since October 2024 and determined essential changes to the Mantra tokenomics model, based on publicly available on-chain data and internal exchange data.
“Our investigation also discovered that since March 2025 there have been several details about chains and withdrawals in various central stock exchanges of doubtless coordinated large deposits and withdrawals in various central stock exchanges.”
April 14 (05: 00–12: 00 UTC)
Laser Digital refused ownership of the Arms marked by Arkham and reported Lookonchain and called it incorrectly.
“We wish to be absolutely clear: Laser has not deposited OM -TOKEN in OKX. The referred wallets aren’t a laser letters,” said the corporate on X and shared three token addresses to support the claim that no sales had taken place.
Lookonchain also identified one other wallet with Arkham data that was energetic one yr before the crash. The wallet was called a train by Shane Shin, a founding partner of Shorooq Partners, and received 2 million OM shortly before the collapse.
April 14 (12: 00–13: 00 UTC)
Mulllin joined the chain response exhibition of CoinTelegraph and reports that Keymantra investors had unloaded OM before collapsing. He rejected allegations that the team checked 90% of the offer.
https://www.youtube.com/watch?v=8fwxj-qikd4
“I feel it’s unfounded. We posted a community transparency report last week, and it shows all the several wallets,” said Mullin, noticing the twin token setup in Ethereum and the Mantra-Minnet. In addition, he assured users that OM token Recovery is the important concern of the team.
“We are still within the early phases to place together this plan for a possible buyback of tokens,” he said.
April 14 (13: 00–16: 00 UTC)
Other theories appeared. Onchain Bureau claimed that the market makers at Falconx were chargeable for the worth closure. They accused the loan option model – a service that allows the market manufacturers to borrow tokens and to perform guaranteed purchases after the contract run.
“Instead of paying the market manufacturer with a monthly reservation fee, a contract was signed, which was about enforcing a purchase order of 1 m token to $ 1 after the contract run. When the contract has expired, they clearly enforced the contract and made their pockets in a now triggered X-Post.
Shortly afterwards, the Onchain Bureau followed and said Falconx had reached and denied to be Mantra's marketmaker. Mulllin also replied to the post office and explained that Falconx was not the project's market manufacturer. Instead, he described them as a trading partner.
In the meantime, the crypto detective ZachxBT weighed and claimed that individuals who were connected to reef financing had sought massive loans with OM-supported loans in the times before the crash.
What we all know concerning the OM crash
Several theories were thrown around. The initial fears ranged from a carpet to insider trading, which mantra contested in several cases by releasing item addresses. The team answered online comments and media inquiries to ensure it didn’t run away.
Mantra has also denied that the worth crash is attributable to a contract with the market manufacturer Falconx. Some fingers were digitally identified to laser, which said that it was a misfortune at Arkham Intelligence.
Arkham Intelligence didn’t reply to CoinTeleg's request to make clear his labels. However, the digital laser tags on Arkham are a prediction with low trust, which was carried out by an AI model, no verified company with a blue checkmark.
In the times after the OM crash, Mullin said that he would burn all of the tokens of his team. He later said that he would start putting his own allocation on the road.
Mullin announced that Mantra would publish a post-mortem and followed on April 16 with an “declaration of event”. The team confirmed that no project-related token sales took place and that every one team allocations have continued to be blocked. The explanation doubled Mantra's plan to introduce a token buyback and combustion program, but there was no recent information concerning the reason behind the crash.
Mullin informed Cintelegraph that the mantra pulled an unnamed blockchain analyst to look at the underlying reason behind the crash, although the small print are currently confidential.
