The Meltdown
Mantra’s OM token just pulled off one of the biggest rug-vibes crashes of 2025—dropping over 90% in less than a day. The token fell from above $6 to under $0.50, wiping out $6 billion+ in market cap. For context: this wasn’t some random memecoin. OM was a top 100 token—and now it’s sitting in ashes.
Who’s to Blame? Depends Who You Ask
Mantra co-founder John Patrick Mullin was quick to respond. He claimed the crash wasn’t caused by the team, but rather “reckless forced closures” by centralized exchanges. According to Mullin, none of the team’s tokens have even unlocked yet. Still, it didn’t stop CT from lighting the project up.
Meanwhile, On-Chain Says… YikesOn-chain sleuths like Lookonchain tell a different story:
•17 wallets dumped 43.6M OM tokens (~$227M) into the market
•2 wallets linked to Laser Digital, one of Mantra’s strategic investors
•The dumping started April 7, meaning this wasn’t a random liquidation event—it was building for days
So while the team blames exchanges, whales were quietly walking their bags out the door.
Exchanges Point Fingers Too
Binance issued a notice saying OM’s cross-exchange liquidations triggered the collapse. They claim leverage had already been reduced for OM since October 2024. OKX CEO Star Xu called it “the most serious scandal since FTX” and said a full investigation is underway. Which basically means—nobody wants the blame.
Community Fallout
Crypto Twitter is roasting everyone involved. Some are calling OM the new LUNA, while others think the token could still bounce (because, of course, someone always thinks that). But trust? Gone. And for a project focused on tokenizing real-world assets and regulation compliance, this is a brutal PR cliff dive.
Final Take
Whether it was forced liquidations, investor exit scams, or just bad luck—it doesn’t matter. OM dropped 90% and the damage is done. If you’re holding the bag, you’re not alone. And if you’re watching from the sidelines, consider this a fresh reminder: in crypto, nothing is ever too big to nuke.
