Binance and OKX reacts to OM crash

The main exchanges of crypto like Binance and OKX reacted to the recent OM price accident, ensuring users that they will examine the situation and will report their conclusions.

April 14, one day after the market capitalization of the JETra Binance has published a declaration via the customer support account of the exchange on X, reacting to the recent price crash.

According to the recent jobThe initial results of Binance reveal that the price accident was due to a series of banning liquidations that occurred during the last day.

In light of the volatile token state, Binance confirmed that he had attached a pop-up warning for OM (If)) The Token Spot trading since January 2025, which informed the users that the Jetra Mantra had “significant changes” in its Tokenomics, indicated by an increase in the tokens supply.

“We are dedicated to watching the situation closely and will continue to take the appropriate measures to protect our users and maintain the integrity of our platform. Thank you for your continuous confidence in Binance,” said the Binance Help Desk account.

At the time of the press, the Mantra token has experienced A drop of almost 90% in the last 24 hours. Its market capitalization amounts to $ 764 million, going compared to a previous summit of $ 6 billion. The token is currently negotiated at $ 0.79, down 91% compared to its highest level of $ 8.99 compared to last February.

In addition, Binance also said that it had reduced leverage for the OM token since October of last year. Despite this fact, many traders in the comments section criticized the exchange for not having struck the token before the incident.

On the other hand, Okx The star of the CEO considered the drop in OM prices as “a great scandal to the whole cryptography industry”. Star has also assured that the exchange of crypto will prepare reports according to the incident, because all the information is available on the channel.

“All unlocking and chain deposit data is public, all the guarantee and liquidation data of major exchanges can be studied. OKX will make all the reports ready! ” Star said in a recent job.

Chain data From Cryptoninjas revealed that 127 million OM or 13% of the supply of token was removed from Binance in the last month. Meanwhile, OKX has seen nearly 70 million token deposits, which represents more than 50% of the amount withdrawn from biannce.

What happened to OM?

Last weekend, for experienced A major price accident of 90%, from $ 6.30 to $ 0.50 in just a few hours. Mantra CEO, JP Mullin, alleged The recent OM price crash was due to “reckless forced closures initiated by centralized exchanges on OM account holders”.

Mullin said that the sale was not due to the sales of tokens by the internal team or investors, declaring that OM tokens remain under rental depending on the project acquisition calendar.

“Centralized exchange partners play an important role in providing liquidity to projects like ours. We are working closely with them, but they continue to exercise extremely high discretion levels, “said Mullin.

However, chain analysts seem to disagree, much indicating that the sale started when 3.9 million OM were deposited on OKX by a portfolio linked to the Mantra team. Analyst Crypto Max Brown said The team would have almost 90% of the total token offer, which sparked the sale of the market which led the token to lose $ 5.5 billion in market capitalization.