Mantra OM crashes 90% in bizarre Seloff while the team alleges “forced liquidations”

Crypto merchants remembered Luna de Terra early Monday while Mantra’s token OM, a real active asset, dropped 90% in a few hours without a sudden catalyst – with conspiracy theories and allegations that were abundant among the crypto circles.

OM plunged more than $ 6 to just over 40 cents from Sunday to Monday to Monday in general liquidity hours for the cryptography market – where disproportionate volumes can trigger massive price movements in both directions.

“We want to assure you that the mantra is fundamentally strong,” said the team in a post X after the drop in prices. “Today’s activity has been triggered by reckless liquidations, not to do with the project. One thing we want to be clear on: it was not our team. We examine and share more details on what happened as soon as possible. ”

Mantra allows TOKENIZE users of real assets (RWAS) such as real estate and basic products, allowing digital investments in accordance with tangible assets. His OM token facilitates transactions and governance.

In January 2025, Mantra joined Damac Group, a conglomerate based on water, to tokensiner $ 1 billion in assets, in particular real estate, hospitality and data centers.

OM was among the largest market winners in 2024, increasing more than 400% on a relatively low public conversation on social media linked to crypto – which intrigued traders and investors on the force of decision.

Meanwhile, the co-founder John Patrick Mullin alleged that the movement was probably due to the closure of the exchanges, which had an impact on the entire exposure to the market.

“We have determined that the movements of the OM market have been triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” said Mullin in a post X. “The moment and the depth of the accident suggest that a very sudden fence of account positions has been launched without warning or sufficient notice.”

He also presumed the “intentional positioning of the market taken by centralized exchanges”.

The term contracts on OM-SUI have recorded more than $ 50 million in liquidations on the long side, a record figure for tokens. Open interests increased from $ 345 million to just over $ 130 million, indicating a quick release for unstable term bets.

However, some eminent crypto voices do not buy this story, with dozens of disdainful responses as part of Mullin’s publications.

The OKX Founder Star Xu added in a response to a separate position which reported more than $ 220 million in token deposits in exchanges before the price crash.

“It is a great scandal for the whole cryptography industry. All ONCHAIN ​​unlocking and deposit data is public, all the guarantee and liquidation data of major exchanges can be studied. OKX will put all ready reports,” said XU.