On April 13, 2025, the Mantra (OM) token belonging to the decentralized financial platform Mantra faced a sudden 92% crash. In response, the Mantra team released an official statement titled ‘Events Statement’ on April 16. The statement emphasized that the drastic price drop was not caused by the project’s token sale, reassuring that the team is still active and investigating various aspects of the incident. CEO John Mullen stated that the main reason for the crash was the transfer of a significant volume of OM tokens to exchanges for collateral use, ultimately leading to forced liquidations of positions. The team is continuing to conduct a detailed investigation into the event and has promised to publish a more comprehensive report. Collaboration with blockchain analysts to identify the root cause has begun, and the possibility of working with legal auditors is also under consideration. Furthermore, Mantra announced the existence of two types of OM tokens: one on the Ethereum network (ERC-20) and the other on the Mantra mainnet. The ERC-20 token, launched in 2020, has 888.8 million units in circulation, with 99.9% of them circulating by April 15. In contrast, only 77.5 million tokens exist on the Mantra mainnet. The price drop was mainly related to the ERC-20 type. According to the statement, about an hour before the crash, the price difference of the Mantra token on OKEx and Binance exchanges had started. The Mantra team requested centralized exchanges to cooperate for transaction transparency. The team also announced a plan to support the OM token, including repurchasing and burning tokens, although the execution time of this plan is still undetermined. As previously reported, OKEx’s CEO referred to the incident as a ‘major disaster’ shortly after the crash. It was also disclosed that Binance is the largest holder of the Mantra token. On the real-time digital currency price page, you can view the prices of all tokens and cryptocurrencies live and instantly.
