Binance Reveals the Shocking Collapse of Mantra Coin: What Happened?

In the world of cryptocurrency, a major event occurred when the Mantra (OM) token, based on Real World Assets (RWA), experienced a sudden and catastrophic collapse. The value of OM dropped by over 90% in a short period, causing panic among users who began blaming Binance for the incident. In response, Binance released a statement on social media platform X, sharing intriguing details and explaining the context of the events. According to Binance, the main reason for OM’s collapse was a series of successive liquidations that took place during leveraged trading off-exchange. The exchange noted that they had implemented various measures over time to mitigate such risks and had warned users about changes in the Mantra token since January. OM Coin Price Drops Dramatically: 90% in Just One Hour According to Binance's statement, the decline of the Mantra token was not only due to trading on their exchange but also leveraged trading on other platforms, leading to liquidations. As a result, the price of OM plummeted from $6.31 to $0.70 in about an hour. In just the past 24 hours, liquidations for OM surpassed $74.5 million. This figure indicates that more liquidations occurred during this period than with Ethereum (ETH). Binance confirmed that they continue to closely monitor any developments related to OM and will take the necessary steps to protect users. Furthermore, Binance reminded users that special warning notices had long been displayed on the spot trading page, clearly indicating the risks associated with this coin. Warning About Scams in the Cryptocurrency World Binance also issued a broader warning, beyond the Mantra example. The exchange emphasized that investors should be cautious about the increasing number of scams in the cryptocurrency market. Notably, scams involving deepfake videos created by AI impersonating famous figures and projects are one of the traps users often fall into. Ripple CEO and Cardano founder Charles Hoskinson is among those who frequently warn the community about such scams. Similarly, Binance reiterated that cryptocurrency investors should only rely on official sources and exercise caution with content promising high profits. On the side of Mantra, another controversial issue is that about 90% of the total token supply is controlled by insiders. This situation has raised concerns about centralization and the potential for manipulation. #CryptoForBeginners #CryptoInvestingTips #LearnCrypto #BeginnerCryptoGuide #HowToInvestInCrypto