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The Cryptocurrency Project Mantra is increasingly suspected after its OM -token has replaced 90% of its value inside a single day. The value dropped from $ 6.27 to only $ 0.72 and deleted a market value of greater than 5 billion US dollars. What turned out next only deteriorated the situation.
Based on blockchain data, Mantra Dao-The Organization are behind the scenes of the project $ 26.95 million from OM-TOKEN for a bony letter bag on Monday, April 14th. This is shortly after the large dump of the Price, which triggered red flags under observers.
Critics cite a disturbing fact: the mantra team has around 90% of all OM -token. The high concentration of ownership and the time of the exchange transmissions has fueled the accusations of the potential insider sale.
With 90%which are already unloaded in $ OM, it seems as if the $ OM team sell more.
2 hours ago the crazy wallet @Mantra_chain dao 38 million $ om (26.96 m) sent #binance cold wallet.https: //t.co/nsttgmuqzg pic.twitter.com/vsc2Q346FC
– Onchain Lens (@onchainlens) April 14, 2025
Mantra -CEO denies token -dumping accusations
The managing director of Mantra, JP Mullin, has refuted such allegations. He said the team and the investors didn’t throw their investments in the course of the crash.
Instead, Mullin attributed the decline in price to “forced liquidations”, which were founded by cryptocurrency exchanges. Such liquidations occur when stock exchanges mechanically sell the participations from dealers after they can not cover margin calls.
But his account shouldn’t be for everybody. Various independent analysts have monitored suspicious token transfers who indicate one other story.
OM Price suffered a pointy decline within the last week. Source: Coinmarketcap
Detective work for chains reveals suspicious transfers
The crypto analyst Max Brown found that the mantra had transferred almost 4 million OM tokens to the okx cryptocurrency exchange shortly before the costs began.
The problem for the investigators is that after moving token to a centralized exchange comparable to Binance or OKX, pursuing way more difficult to follow. This is basically a blind place where the tokens may be disposed of, while they don’t leave a transparent way in public blockchains.
The mantra chain $ OM fell 90% in an hour and 5.5 billion US dollars were worn out.
So and why could it have happened 🧵
It all began yesterday when a possible OM -Team letter bag dropped 3.9 million om -token at OKX.
It was known within the crypto area that om team … pic.twitter.com/9zqnw4yrla
– Max Brown (@maxbrowntc) April 13, 2025
While analysts cannot prove to the indisputable fact that insiders were sold by token, the gradient of movements within the exchange gives serious doubts shortly before the worth fall.
Excavations offer a unique account of the crash
The large cryptocurrency exchanges cited examinations of what triggered the spectacular fall of the OM token.
Binance, the most important crypto exchange in relation to the trading volume, confirms the mullin account. In early knowledge, they indicate that crossing liquidations most probably caused the crash, which might support the reason of the CEO.
Mantra is now at $ 0.61. Diagram: Tradingview
Okx paints one other picture. The exchange cited “big changes” in OMS TOKENOMICS as a possible cause. They also found that several blockchain addresses had sent large amounts of tokens for exchange in the course of the time of the crash.
Investors would not have the contradictions in the marketplace, what actually happened. With a market value of 5 billion US dollars and without certainty, trust within the project was greatly undermined.
Selected picture of Blueberry Markets, Diagram from Tradingview
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