How Mantra’s OM token collapsed in 24 hours of chaos 📉
Mantra's OM token experienced a dramatic collapse on April 13, dropping from over $6 to below $0.50 in a single day. This wiped out over $5 billion in market cap, causing panic and speculation within the crypto industry.
Various theories emerged, including insider dumping and exchange manipulation, but Mantra attributed the crash to reckless forced liquidations by centralized exchanges.
Investigations revealed large deposits and withdrawals involving Laser Digital, but the company denied ownership of these wallets, attributing it to mislabeling on Arkham Intelligence.
Both Binance and OKX acknowledged the volatility and blamed cross-exchange liquidations.
Despite emerging theories, the exact cause remains unclear. Mantra aims to address the situation by launching a token buyback and burn program and a post-mortem analysis.
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