🎙️ Mantra's OM Token Plunges 90%, Binance and OKX Respond

On April 14, the OM token from the Mantra project suffered a massive drop — losing nearly 90% of its value within just 24 hours. Its market capitalization, once at 6 billion dollars, has now fallen to around 764 million. Binance stated that the main cause was a series of cross-exchange liquidations, which triggered a sudden and sharp decline. This has raised major concerns across the crypto community. In response, Binance confirmed that leverage for OM had already been reduced since October 2024. Additionally, since January 2025, the exchange issued a warning for OM spot trading, citing “significant changes” in tokenomics due to increased supply. Binance emphasized its commitment to monitoring the situation and implementing safeguards to protect users. 🎙️ OKX Detects On-Chain Irregularities The CEO of OKX Star described the situation as “a serious issue” that could harm the credibility of the entire crypto industry. OKX announced it will release a full report, referencing the transparent nature of on-chain unlocks and liquidation data. According to OKX, over 70 million OM tokens were deposited to its platform, while Binance saw 127 million OM tokens withdrawn in the past month. 🎙️ Mantra Responds, But Sparks Controversy JP Mullin, CEO of Mantra, claimed that the crash was caused by automatic liquidations on centralized exchanges, not internal dumping. He stated that all tokens are still locked according to the project’s vesting schedule. However, blockchain analysts have challenged this claim. They pointed to a specific deposit of 3.9 million OM from a wallet linked to the Mantra team — a move that may have triggered the wave of sell-offs. 🎙️ Allegations: Mantra Team Holds Up to 90% of Total Supply Crypto analysts, including Max Brown, allege that the Mantra team holds up to 90% of OM’s total supply. They claim the sell-off began shortly after a large batch of tokens was moved on-chain. OM’s price quickly collapsed from 6 dollars 30 to below 50 cents — and is currently hovering around 79 cents. #CryptoForBeginners #CryptoInvestingTips #LearnCrypto #BeginnerCryptoGuide #HowToInvestInCrypto