MANTRA's OM token experienced a significant get dumped of 90% within a few hours, and the team stated that this was due to irresponsible liquidations.
MANTRA's OM token experienced a dramatic loss of value by 90% within a few hours on Sunday, leading to serious concerns among investors. The crypto community discussed the possibility of a major rug pull ( crash) or a hack attack, while the MANTRA team described the situation as "irresponsible liquidations". The team stated that the incident had nothing to do with the project.
The co-founder of MANTRA, John Patrick Mullin, stated in a statement that the forced liquidation of a large OM investor on a centralized exchange triggered the price drop. Following this statement, MANTRA's community leader Dustin McDaniel said in a post on Telegram that the team had not sold and that the situation was being investigated. However, the Telegram group becoming inaccessible shortly after further unsettled investors.
The OM token experienced a rapid decline from 5.21 dollars to 0.50 dollars after a decrease of approximately %10 between 20:20 and 21:20 TSİ on Sunday, resulting in a %90 drop. This sudden movement caused significant price fluctuations as it occurred during low liquidity hours. The team announced that they are continuing to investigate the incident and will share more information.
Mullin said, "We have determined that today's move is due to centralized exchanges closing the positions of OM account holders. This happened when exchanges closed positions carelessly and without warning," he said in a statement. This decline has raised concerns about the future of the OM token, as the project has previously received criticism that it controls the majority of the token supply and engages in price manipulation.
MANTRA's strategic partnership with Dubai-based DAMAC Group in early 2025 aimed to tokenize $1 billion worth of assets. However, while the project's total locked value was around $13 million, the token's fully diluted value was around $9.5 billion, which raised alarm bells for some investors.
The team stated that they would share more information to clarify the event following this significant drop. The tokenomics and distribution plans of MANTRA are still valid, and the team mentioned that they are focused on the long-term sustainability of all their investments.
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GateUser-e1dd0cc9
· 04-14 08:37
The general idea is that investors shouldn't be anxious; I'm still thinking of a reason to appease you.
What Happened with OM Coin? Announcement from the Team After a Sudden 90% Plummet! - Coin Bulletin
MANTRA's OM token experienced a significant get dumped of 90% within a few hours, and the team stated that this was due to irresponsible liquidations.
MANTRA's OM token experienced a dramatic loss of value by 90% within a few hours on Sunday, leading to serious concerns among investors. The crypto community discussed the possibility of a major rug pull ( crash) or a hack attack, while the MANTRA team described the situation as "irresponsible liquidations". The team stated that the incident had nothing to do with the project.
The co-founder of MANTRA, John Patrick Mullin, stated in a statement that the forced liquidation of a large OM investor on a centralized exchange triggered the price drop. Following this statement, MANTRA's community leader Dustin McDaniel said in a post on Telegram that the team had not sold and that the situation was being investigated. However, the Telegram group becoming inaccessible shortly after further unsettled investors.
The OM token experienced a rapid decline from 5.21 dollars to 0.50 dollars after a decrease of approximately %10 between 20:20 and 21:20 TSİ on Sunday, resulting in a %90 drop. This sudden movement caused significant price fluctuations as it occurred during low liquidity hours. The team announced that they are continuing to investigate the incident and will share more information.
Mullin said, "We have determined that today's move is due to centralized exchanges closing the positions of OM account holders. This happened when exchanges closed positions carelessly and without warning," he said in a statement. This decline has raised concerns about the future of the OM token, as the project has previously received criticism that it controls the majority of the token supply and engages in price manipulation.
MANTRA's strategic partnership with Dubai-based DAMAC Group in early 2025 aimed to tokenize $1 billion worth of assets. However, while the project's total locked value was around $13 million, the token's fully diluted value was around $9.5 billion, which raised alarm bells for some investors.
The team stated that they would share more information to clarify the event following this significant drop. The tokenomics and distribution plans of MANTRA are still valid, and the team mentioned that they are focused on the long-term sustainability of all their investments.