Mantra token crashes 90%

Mantra’s OM token suffered a massive 90% price crash within hours , sparking confusion and panic among traders. The project team claims the plunge wasn’t due to any flaws in the fundamentals but rather “reckless forced liquidations” by centralized exchanges during a period of low market liquidity. OM dropped from over $6 to about $0.40 late Sunday into early Monday, coinciding with a quiet trading window where small actions can lead to big price swings. Co-founder John Patrick Mullin suggested that major centralized platforms abruptly closed OM positions, causing over $50 million in liquidations and a sharp drop in open interest from $345 million to around $130 million. While the Mantra team reassured users of the project’s stability, others in the crypto space remain skeptical. OKX founder Star Xu noted that over $220 million in tokens had been moved to exchanges just before the crash, calling it a serious issue and promising a full investigation with public reports.