cyrpto blames, CEO, crash, Exchange, liquidations, MANTRA, token Mark April 14, 2025 0 Comments

Mantra CEO blames 90% OM token crash on exchange liquidations

The chief executive officer of Mantra, JP Mullin, says that the OM price crash was caused by liquidations forced by centralized exchanges.

The Mantra Prize (If)) plunge Over 90% on April 13, from $ 6.30 to $ 0.50 in hours. In a post of April 14 on X, Mullin said that the clear drop in OM prices was caused by forced liquidations launched by centralized exchanges. He explained that these measures had been taken suddenly and during low liquidity hours on Sunday evening UTC, which may have amplified the impact of the market.

Mullin said that the sale was not due to any sale of tokens by the Mantra team or its investors, noting that the OM tokens remain locked according to the project acquisition calendar. He also reaffirmed the long -term commitment to the project and called for continuous community support.

Sherpas, omens and wider cryptographic community,

First of all, the team and I greatly appreciate the support we have received in the last hours, which, in our view, testifies to the strong support that Mantra has among its investors and its community.

We determined that …

– JP Mullin (🕉, 🏘️) (@ jp_mullin8888) April 13, 2025

However, several independent analysts have made contradictory complaints. A crypto analyst, Max Brown, said the sale had started when 3.9 million OM tokens had been deposited on OKX by a portfolio which was considered linked to the Mantra team. Since the team will control almost 90% of the total offer, this decision alarmed the market and triggered a sale.

Mantra chain $ Crushed 90% in an hour and 5.5 billion dollars were destroyed.

Here’s how and why it could have happened 🧵

It all started yesterday when possible $ Wallet team has deposited 3.9 million OM tokens on OKX.

It was well known in the crypto space that the OM team … pic.twitter.com/9zqnw4yrla

– Max Brown (@maxbrownbtc) April 13, 2025

The net sale has erased more than $ 5.5 billion in market capitalization, reducing OM’s market capitalization by $ 6 billion to less than $ 485 million at its lowest point. The token is negotiated at $ 0.8623 from press time, down 90% compared to its highest in February of $ 8.99. OM’s trading volume jumped more than 2,500% in the past 24 hours, reaching $ 1.9 billion, according to Crypto.News price tracker.

Launched as a layer-1 focused on real assets in accordance with regulations, Mantra has made headlines in recent months for its partnerships and regulatory progress. In January, he signed an agreement of $ 1 billion with the real estate giant Damac for TOKENIZE of assets. The mantra was also injured to operate legally after obtaining a virtual asset service provider license by Dubai’s Vara in February.

Even so, the accident has renewed a previous criticism of the project. Wu Blockchain, a chain of popular X new, republished A warning from 2021 concerning the founding team of Mantra, linking them to a game website and false previous investment complaints. Some traders have expressed concerns about transparency and exchange processes, comparing the accident with past collapses like that of Terra.