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MANTRA, the Real-world asset token (OM), has suddenly crashed by 95% in just a few hours. The price dropped from $6.17 to only $0.42, wiping out more than 6 billion in market cap. Many investors lost most of their money, even their life savings. So, what’s next for Mantra (OM) holders? & Here’s what the Mantra team announcer for their holders?
Investors Lost a Million In Mantra OM
Just three days before the crash group of big OM holders moved over 14 million OM tokens worth around $91 million to the OKX exchange. This same holder had bought more than 84 million OM tokens on Binance in March.
Meanwhile, after the crash, their holdings are now worth only $62.2 million, meaning a loss of over $400 million.
However, it wasn’t just the story of one investor who lost millions; other individual investors have also shared their pain.
One investor said they invested $3.5 million in OM, which is now worth less than $200,000. Another trader said they lost $800,000 and felt they were “rugged” by the project.
How the Crash Happened?
Mantra co-founder JP Mullin blamed the token crash on centralized exchanges (CEXs) forcefully selling a big holder’s tokens, which caused panic selling. He, further, clarified that the Mantra team wasn’t involved in it and their tokens are still locked and visible on-chain.
He suggested that the exchange might have sold the tokens during a time of low trading, which made things worse.
Although he didn’t name the exchange, the founder of OKX responded and promised a report to clear things up.
What’s Next For Mantra (OM) Holders?
The Mantra team has announced they will hold a community discussion on X to talk about the situation and answer questions.
Until then, holders are advised to stay alert and avoid scam links or fake accounts pretending to be from Mantra. All official updates will come only from trusted sources.
Mantra said it will host a talk on X soon and holders should avoid scam links and wait for updates.
Mantra co-founder JP Mullin said CEXs caused the crash by forcefully selling big holdings.
