Mantra’s OM Crashes 90% in Bizarre Selloff as Team Alleges 'Forced Liquidations'

[ABCbits]

Mantra’s OM Crashes 90% in Bizarre Selloff as Team Alleges 'Forced Liquidations'
Co-founder John Patrick Mullin alleged the movement was likely due to exchanges closing OM positions, which impacted all market exposure.

Crypto traders were reminded of Terra’s LUNA early Monday as trendy real-world asset upstart Mantra’s OM token dropped 90% within hours on no sudden catalyst — with conspiracy theories and allegations running abound among crypto circles.

OM plunged from over $6 to just over 40 cents late Sunday to early Monday in typically low liquidity hours for the crypto market — where outsized volumes can trigger massive price movements in either direction... Read more here.


As additional information, Mantra (OM) was in 20th position on CoinMarketCap last week with $5.5B market cap. See https://coinmarketcap.com/historical/20250406/. Do you think it's rugpull despite the project exist since 2020? Your opinion is greatly appreciated.

[Charles-Tim]

There is nothing I can think of than it was planned. We can not trust any altcoins because of how people that created them and big investors are. Altcoins are full of insiders trading and manipulation which is what that is happening as usual.

We always tell people that altcoins are not for holding. Make money and sell.

[Gposas]

There is nothing I can think of than it was planned. We can not trust any altcoins because of how people that created them and big investors are. Altcoins are full of insiders trading and manipulation which is what that is happening as usual.

We always tell people that altcoins are not for holding. Make money and sell.

Your thoughts are right, the manipulation ongoing with some Altcoins expresses it's risk of Holding. Just imagine the dump of 90%!!!
And this is not even a memecoin. The heavy loss is left for investors and Holders to handle.

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mullin said in an X post.

This seems strange, is he saying that CEX can forcefully sell off from a user's account without the knowledge of the user?
I guess it'll be better if he could point at the exchange so users could be aware.

[hugeblack]

Or what happened was a high-level pump dump. The problem with many new tokens is the lack of liquidity, and if most of the liquidity were given to certain crtpo CEXs, they could manipulate the price to maximize profits.

[Classickitana]

Mantra really did scam almost 5 billion dollars worth.
One twitter guy said that he lost 15 million dollars worth of mantra and now he is broke. He wants to end his life.
I hope that we might not get caught in these kind of scams.

[LogitechMouse]

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As additional information, Mantra (OM) was in 20th position on CoinMarketCap last week with $5.5B market cap. See https://coinmarketcap.com/historical/20250406/. Do you think it's rugpull despite the project exist since 2020? Your opinion is greatly appreciated.

The drop is even worse than FTX token in 2022 for me.
I mean 80-90% drop in just a span of an hour. I'm literally sleeping when that happened and when I woke up, I'm surprised on what happened.

Well, this is the reason why we need to be aware on which altcoins are we buying if we want to hold some. I saw a tweet on X where an investor lost around $1.3 Million dollars because he went all in on OM only to lose it all. It's good that he's getting those losses again through trading since he's an expert trader.

Is this a rugpull? Maybe yes, or maybe no. TBH, it's hard to say, and I'm leaning towards the fact that I will only say that it's a rugpull if the developers themselves will be silent for the next weeks after what happened. One thing's for sure though. The reputation of the project is something that will take them years before it will be rebuilt. The trust of the investors towards this project is gone after what happened, and with this, I believe it's just the start of the downfall of the project.

[Charles-Tim]

One twitter guy said that he lost 15 million dollars worth of mantra and now he is broke. He wants to end his life.

I do not know the reason people are just like this as they are able to leave such high amount of money on altcoins and be able to sleep conveniently in the night. I am always afraid leaving money on altcoins until I see it if the money is huge for me.  And if the altcoin increase, I prefer to sell as soon as possible. Altcoins will always teach people lesson. This is just another one but not the last.

[Stompix]

Do you think it's rugpull despite the project exist since 2020? Your opinion is greatly appreciated.

But the coin has been priced between 3 and 20 cents for all those years, it pumped to first time over $1 in June 2024.
So it's not like they didn't want to scam, it's more like they lacked the incentive to do it till now.
The market cap was under 20 millions and the volume was barely 1 million in trade so they weren't even able to dump.

[bitterguy28]

There is nothing I can think of than it was planned. We can not trust any altcoins because of how people that created them and big investors are. Altcoins are full of insiders trading and manipulation which is what that is happening as usual.

we investors should really look up more information about a project first especially when they are first to be launched some projects are transparent on the allocation percentage of the tokens and if you see that a huge part of the allocation is given to the higher ups then you should know better than to hope and hold that for a long time because only the dev team will benefit the most here

We always tell people that altcoins are not for holding. Make money and sell.

i feel bad for those who invested a lot and got caught in the middle of this but for sure this well serve as a lesson for them

[TomPluz]

Wow what a drop...from $6 to just mere 40 cents in just some hours of trading! And many are saying, this can even be worse than what happened to Terra’s LUNA in May 2022. And now, people are speculating as what really happened to Mantra...is this another inside job or a planned manipulative attack by outside forces. As this is going into the history books of cryptocurrency, I am sure this can be a subject of many discussions and debates in the following weeks and let's hope that the truth will came out in the end. This is another example of the many risks involved when investing with altcoins...while the opportunity for financial growth is there, there is also that possibility of being wiped out. And it did not help that this is named MANTRA which is a scared utterance, an expression of faith.

[ABCbits]

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mullin said in an X post.

This seems strange, is he saying that CEX can forcefully sell off from a user's account without the knowledge of the user?
I guess it'll be better if he could point at the exchange so users could be aware.

Looking at this tweet (https://twitter.com/Cointelegraph/status/1911748302875381836), Mantra team probably refer to OKX. Although it also shows possibility the massive sell/dump was planned.

Do you think it's rugpull despite the project exist since 2020? Your opinion is greatly appreciated.

But the coin has been priced between 3 and 20 cents for all those years, it pumped to first time over $1 in June 2024.
So it's not like they didn't want to scam, it's more like they lacked the incentive to do it till now.
The market cap was under 20 millions and the volume was barely 1 million in trade so they weren't even able to dump.

That's good point. They wouldn't earn much if they decide to rugpull back then.

[Bobcrypto]

Or what happened was a high-level pump dump. The problem with many new tokens is the lack of liquidity, and if most of the liquidity were given to certain crtpo CEXs, they could manipulate the price to maximize profits.

Yes, it is actually one of those pumps and dumps altcoins projects scheme, unfortunately this things keep happening regularly. The FTX (Luna) collapse is still in our memory, it quite disappointing how some of these projects team will deliberately dumps the market with unreasonable excuses to justify themselves.
In my opinion, this an organized crime, the project team can not denial their involvement on this dumps, it is unacceptable and should be reported to appropriate law enforcement agencies for further investigations.

[Faisal2202]

As additional information, Mantra (OM) was in 20th position on CoinMarketCap last week with $5.5B market cap. See https://coinmarketcap.com/historical/20250406/. Do you think it's rugpull despite the project exist since 2020? Your opinion is greatly appreciated.

I never bought this token, but in Jan and Dec, it was everyone's favorite token, everyone and I got a lot of good news about OM but never bought it because of the continuous unlocking of supply and for some other reason, the point is, a token with a strong base, which had good partnerships, still decided to rug pull!

This is so disappointing. The team is accusing CEXs, while OKX and some others said, Everything is publicly available, there is no need to point fingers, I mean, just 2 or 4 hours ago, an investor deposited 4.2% of the total supply and sold. It can't be a coincidence, it was really a big scandal, which we will come to know later, as now everyone is pointing fingers at each other.

[Forsyth Jones]

I've heard of this token before, maybe I've even opened a long position with it, but I didn't know it was that old... 2020...

It's hard not to be a rugpull, since this has happened with other tokens before.

Do you guys think the OM token has completely lost its credibility in the market and will never be profitable again along with the other coins in the top 50 - 100 of coinmarketcap?

So, it's worth warning, don't get too exposed to altcoins, they are easily manipulated and sensitive to news (whether good or bad).

Even Bitcoin suffers from this, however, it always returns to its ATH or last top.

[Kemarit]

I haven't heard of this token, but most likely we can all speculate that,

1. it's really a rug pull
2. manipulated by those huge holders and could have colluded with each other to bring the price down and sell early to make a lot of money.

So I just this is just another hard lessons for everyone specially in altcoin markets that everything can literally go to 0 when you are sleeping and so it's better to just invest on Bitcoin in today's chaos.