The OM token, the native cryptocurrency of the MANTRA project, suffered a shocking crash on April 13, 2025. Within just one hour, its price plummeted more than 90%, wiping out over $5.5 billion in market value. This sudden collapse drew immediate comparisons to the infamous Terra LUNA meltdown.
What Sparked the Collapse?
The panic began after a wallet allegedly linked to the MANTRA team transferred 3.9 million OM tokens to the OKX exchange. This large deposit triggered fears of an insider dump, especially since the team reportedly holds around 90% of the token’s total supply.
As prices plunged from a high of $6.33 to below $0.50, speculation intensified. Many in the community saw the move as a betrayal, pointing to the massive token supply held by insiders as a red flag that had long gone unaddressed.
MANTRA Team Pushes Back on Allegations
In response to the backlash, MANTRA co-founder John Patrick Mullin publicly denied that the team initiated any sell-off. He blamed the crash on what he called “reckless forced closures” by centralized exchanges. Mullin emphasized that core team tokens remain locked and insisted that the project’s fundamentals are intact.
To address the growing concerns, the team is investigating the matter and has promised to engage with the community. A public discussion is scheduled to take place on X (formerly Twitter) to provide further updates.
Investor Frustration Reaches Boiling Point
As OM’s value sank, investors voiced deep frustration over several ongoing issues:
- Lack of transparency about token movements
- Frequent changes to tokenomics
- Delays in promised airdrops
- Poor communication during the crisis
To make matters worse, the official MANTRA Telegram channel was locked during the fallout, further fueling investor suspicion and anger.
Currently, OM is trading around $0.85—still down over 85% from its recent high. With uncertainty lingering, investors are demanding clearer answers and greater accountability from the MANTRA team.
