Close Menu
ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

Crypto investor charged with kidnapping, torturing an Italian for passwords

May 25, 2025

BTC Ranged, Alts Ripped, and Coinbase’s Rollercoaster Ride

May 25, 2025

Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

May 25, 2025
X (Twitter) Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
X (Twitter) Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Crypto investor charged with kidnapping, torturing an Italian for passwords

    May 25, 2025

    BTC Ranged, Alts Ripped, and Coinbase’s Rollercoaster Ride

    May 25, 2025

    Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

    May 25, 2025

    Stacks Resumes Block Production Amid Warnings of ‘Occasional Degradation’

    May 25, 2025

    Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

    May 25, 2025

    Bitcoin inflows projected to reach $420B in 2026 — Bitwise

    May 24, 2025

    Medical Tech Firm Semler Scientific Gobbles Up Another $50,000,000 Worth of Bitcoin, Now Owns More Than 4,000 BTC

    May 24, 2025

    Hyperliquid trader James Wynn goes ‘all-in’ on $1.25B Bitcoin Long

    May 24, 2025

    BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK

    May 23, 2025

    The future of Web3 is not blockchain

    May 23, 2025

    Bitcoin Primed To Go Higher Faster Than Expected, Says Analyst Michaël van de Poppe – Here Are His Targets

    May 22, 2025

    Whale buys back ETH holdings after missing $2.6M gain

    May 22, 2025

    Crypto ETFs won’t lose ‘their luster’ as wallet adoption grows — Cathie Wood

    May 25, 2025

    Analyst Says Full-Blown Altseason Has Started, Outlines Path Forward for Dogecoin, Floki and Pepe

    May 23, 2025

    Crypto, NFTs are a lifeboat in the sinking fiat system: Finance Redefined

    May 23, 2025

    Ethereum price chart targets $4K as transaction fees hit 3-month high

    May 23, 2025

    Crypto investor charged with kidnapping, torturing an Italian for passwords

    May 25, 2025

    BTC Ranged, Alts Ripped, and Coinbase’s Rollercoaster Ride

    May 25, 2025

    Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

    May 25, 2025

    Stacks Resumes Block Production Amid Warnings of ‘Occasional Degradation’

    May 25, 2025
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Videos

    Market Is 'Ticking Time Bomb', Bitcoin On Brink of Eruption | Lawrence Lepard

    May 24, 2025

    Crypto Meets Real Estate: Grant Cardone’s Bold Bitcoin Strategy (Massive Price Prediction)

    May 24, 2025

    Pi Network: You Won't Believe This! Review, History & Potential

    May 24, 2025

    Dollar's Dying! Escape Now or Regret It! (Financial Warning)

    May 23, 2025

    “Do Not Be Fooled!” Kevin O’Leary Issues BIG Warning To Crypto Holders

    May 23, 2025
ApeWatcher News
Home » Mantra says one particular exchange may have caused OM collapse
Mantra says one particular exchange may have caused OM collapse
News

Mantra says one particular exchange may have caused OM collapse

Coin TelegraphBy Coin TelegraphApril 14, 20250 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

The team behind real-world tokenized asset blockchain Mantra says its native token’s sudden 90% plunge was caused by exchanges forcibly closing positions without notice, with one currently unnamed exchange potentially to blame. 

On April 13, Mantra (OM) price dropped from $6.30 to below $0.50, rapidly shedding over 90% of its $6 billion market cap.

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mantra co-founder John Mullin wrote in an April 13 statement on X.

“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” he added. 

Source: John Mullin

“That this happened during low-liquidity hours on a Sunday evening UTC, early morning Asia time, points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”

Mullin told an X user they believe one exchange “in particular” was to blame but said they were still “figuring out the details.” He told others that the centralized exchange in question wasn’t Binance. 

Mantra has an upcoming community connect on X, where Mullin says the team would share more information.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: John Mullin

Some traders allege the token collapse was a rug pull, while others are speculating the Mantra team had used their tokens as collateral to take out a massive loan from a centralized exchange and the team fell prey to a loan risk parameter change, then a margin call.

Mullin denied these theories in follow-up X posts, saying, “The team did not have a loan outstanding” and haven’t orchestrated a rug pull.  

“Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible,” Mullin said.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: John Mullin

The price of OM staged a minor recovery in the aftermath of the price collapse, briefly returning above $1, but it is back down and currently trading around $0.7894, according to CoinGecko.

The token hit an all-time high of just under $9 on Feb. 23 and is now down over 91% from that figure.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: Star Xu

Millions of Mantra tokens moved in the week prior to collapse 

Blockchain analytics platform Spot On Chain said in an April 14 post to X that some OM whales moved 14.27 million tokens to the crypto exchange OKX three days before the crash. In March, the same whales picked up 84.15 million OM for $564.7 million.

“Now, after a brutal 90% drop, their remaining 69.08 million OM is worth just $62.2 million, putting their total estimated loss at a staggering $406.3 million,” Spot On Chain said.

“However, they may have hedged the position elsewhere, and it’s possible they contributed to the sharp drop.”

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: Spot On Chain

At the same time, blockchain analytics platform Lookonchain said that since April 7, at least 17 wallets deposited 43.6 million OM into crypto exchanges, representing 4.5% of the circulating supply. 

Related: Mantra unveils $108M fund to back real-world asset tokenization, DeFi

In January 2025, Mantra and investment conglomerate DAMAC signed a $1 billion deal to tokenize the investment conglomerate’s various assets. 

Meanwhile, Mantra announced on Feb. 19 that it had received a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Crypto investor charged with kidnapping, torturing an Italian for passwords

May 25, 2025

BTC Ranged, Alts Ripped, and Coinbase’s Rollercoaster Ride

May 25, 2025

Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

May 25, 2025

Stacks Resumes Block Production Amid Warnings of ‘Occasional Degradation’

May 25, 2025

Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift?

May 25, 2025

Crypto ETFs won’t lose ‘their luster’ as wallet adoption grows — Cathie Wood

May 25, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Articles

Crypto investor charged with kidnapping, torturing an Italian for passwords

May 25, 2025

BTC Ranged, Alts Ripped, and Coinbase’s Rollercoaster Ride

May 25, 2025

Bitcoiners fire back at Aussie senator’s ‘you can’t eat Bitcoin’ remark

May 25, 2025
ApeWatcher News
X (Twitter) Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2025 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.