The team behind the actual blockchain mantra of Real-World tokenized Asset Blockchain says that the sudden 90% of the house shoots are violent through the exchange abruptly, with an unnamed exchange could also be responsible.
On April 13, the Mantra (OM) price dropped from $ 6.30 to lower than $ 0.50 and quickly shot over 90% of the market capitalization of $ 6 billion.
“We have found that the OM market movements were triggered by ruthless forced closures that were initiated by centralized stock exchanges to OM account holders,” wrote John Mullin, co-founder of Mantra, in a press release on April 13 about X.
“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,” he added.
Source: John Mullin
“That throughout the hours with low liquid on a UTC on Sunday evening, early morning in Asia, this shows to a certain degree of negligence or possibly deliberate market positioning by centralized stock exchanges.”
Mullin told an X user that they imagine that an exchange was “particularly” responsible, but said that they’re still “checking out the small print”. He said to others that the centralized exchange in query was not binance.
Mantra has an upcoming Community Connect on X, where Mulllin says that the team would share more information.
Source: John Mullin
Some dealers claim that the token collapse was a carpet suit, while others speculate that the mantra team had used their tokens as security to take out an enormous loan from a central stock exchange, and the team of a change within the loan risk parameter, then a margin call.
Mullin refused to theories in Follow-up X-Posts and said: “The team had no loan out of it” and didn’t organize a carpet suit.
“The tokens remain blocked and are subject to the published Vesting period. The TOKENOMIK from OM stays intact, as is shared in our latest token report last week. Our token letter pocket addresses are online and visual,” said Mullin.
Source: John Mullin
The price for OM carried out a minor recovery after the value collapse, which returned just over $ 1, but based on Coingecko it’s back and currently around $ 0.7894.
The token reached an all-time high of virtually $ 9 on February 23 and has now dropped over 91% in comparison with this number.
Source: Star XU
Millions of mantra token moved within the week before the collapse
According to Blockchain Analytics Platform Platform in Chain on April 14th to X, just a few OM whales brought 14.27 million tokens to the Crypto Exchange OKX three days before the crash. In March the identical whales won 84.15 million OM for 564.7 million US dollars.
“Now, after a brutal decline of 90%, the remaining 69.08 million OM are only price 62.2 million US dollars, which provides their estimated total loss to astonishing 406.3 million US dollars,” said Spot in Chain.
“However, you will have secured the position elsewhere and it is feasible that you’ve gotten contributed to the sharp waste.”
Source: Spot within the chain
At the identical time, Lookonchain told the Blockchain Analytics platform that not less than 17 bridles have been deposited in Krypto exchanges since April 7, which corresponds to 4.5% of the circulating offer.
In January 2025, the mantra and the investment conglomerat Damac signed a contract of $ 1 billion to token various assets of the investment conglomerate.
In the meantime, Mantra announced on February 19 that it received a license for virtual wealth services from the Virtual Assets Regulatory Authority from Dubai.
