加密貨幣市場因出乎意料且非常負面的事件而震撼：咒語（OM）令牌與代幣化現實世界資產（RWAS）的區塊鏈平台相關聯，在短短幾個小時內就崩潰了90％。

這正是基金灰度稱為投資有吸引力的項目。在撰寫本文時，價格已降至0.54美元，市值從60億美元降至不到5.2億美元。

The cryptocurrency market was rocked by an unexpected and very negative event: the Mantra (OM) token, which is linked to a blockchain platform for tokenizing real-world assets (RWAs), collapsed by 90% in just a few hours. This is exactly the project that the fund Grayscale called investment attractive. At the time of writing, the price has dropped to $0.54, and the market capitalization has fallen from $6 billion to less than $520 million. This has led to the liquidation of more than $84 million worth of traders' positions, according to Coinglass data.

加密貨幣市場因出乎意料且非常負面的事件而震撼：咒語（OM）令牌與代幣化現實世界資產（RWAS）的區塊鏈平台相關聯，在短短幾個小時內就崩潰了90％。這正是基金灰度稱為投資有吸引力的項目。在撰寫本文時，價格已降至0.54美元，市值從60億美元降至不到5.2億美元。根據Coinglass的數據，這導致了價值超過8400萬美元的交易員職位的清算。

The fall of the OM token has already been compared to the collapse of Terra LUNA and the FTX exchange. What happened to the promising Mantra project?

OM令牌的倒塌已經與Terra Luna和FTX交換的崩潰進行了比較。有前途的咒語項目怎麼了？

The Mantra (OM) project was positioned as a leading platform for tokenizing real assets such as real estate, commodities, or art. The project has gained popularity due to its ambitious goals and partnerships with Dubai-based DAMAC Group, which signed a $1 billion real estate tokenization deal. Mantra has also received a virtual asset service provider (VASP) license from the Dubai regulator (VARA), which has added to its credibility.

該咒語（OM）項目被定位為用於使真實資產（例如房地產，商品或藝術品）的領先平台。該項目由於其雄心勃勃的目標和與位於迪拜的Damac Group建立了雄心勃勃的目標，該項目獲得了10億美元的房地產標記協議。 Mantra還從迪拜監管機構（VARA）獲得了虛擬資產服務提供商（VASP）許可證，該許可增加了其信譽。

The OM token has grown by 640% over the past 12 months, and the market capitalization has reached $6 billion, making Mantra the second largest RWA project after Chainlink.

在過去的12個月中，OM令牌增長了640％，市值已達到640％，使Mantra成為僅次於Chainlink的第二大RWA項目。

In addition, the team announced the launch of a $108.8 million fund to support RWA and DeFi, and held an airdrop of 50 million OM tokens, which was valued at $316 million. All of this created an impression of stability and promise. What went wrong?

此外，該小組宣布啟動了一筆1.088億美元的資金來支持RWA和DEFI，並舉辦了5000萬個OM令牌的空投，價值3.16億美元。所有這些都給人留下了穩定和承諾的印象。怎麼了？

On April 13, the price of OM plummeted by 90% of its value in a matter of hours. Mantra co-founder John Patrick Mullin said that the collapse was caused by reckless forced liquidations on centralized exchanges (CEX). According to him, a large investor triggered cascading sell orders, which collapsed the order book and led to panic.

4月13日，OM的價格在幾個小時內下降了其價值的90％。咒語聯合創始人約翰·帕特里克·穆林（John Patrick Mullin）說，崩潰是由集中式交流（CEX）上的魯ck被迫清算引起的。據他說，一位大型投資者引發了級聯的賣出訂單，這使訂單崩潰並引起了恐慌。

"We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice. 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. Centralized exchange partners play an important role in providing liquidity to projects like ours. We work closely with them, however they continue to exercise enormously high levels of discretion. When discretionary powers are exercised without due internal and external oversight, dislocations like what recently happened can and will occur, hurting both projects and investors alike. To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling tokens. Tokens remain locked and are still 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," he wrote on X.

“我們已經確定，OM市場的變動是由OM帳戶持有人的集中交流引發的魯ck強迫關閉引發的。墜機的時間和深度表明，很突然的帳戶位置啟動了未充分的警告或通知。這是在不充分的警告或通知的情況下。這是在周日傍晚的UTC（早晨的時間）上的範圍內的範圍內的，或者在整個範圍內進行了整體的範圍，或者是在範圍內的主要範圍，或者是在範圍內的最佳範圍，或者是在範圍內的最佳範圍，或者是否定的，或者是在範圍內的最佳範圍，或者是在範圍內的最佳範圍，或者是在範圍內的最佳範圍，或者是范圍的。交換合作夥伴在我們與我們的項目中的流動性方面發揮著重要作用，但是當他們在沒有適當的內部和外部監督的情況下行使了極大的酌處權。令牌。令牌仍然被鎖定，並且仍處於已發表的歸屬期。正如我們最新的令牌報告中的上週共享的那樣，OM的令狀學仍然完好無損。我們的象徵錢包地址是在線和可見的，”他在X上寫道。

He assured that MANTRA’s team, advisors, or investors have nothing to do with this. And the tokens remain locked and are still subject to the published holding periods.

他保證，口頭禪的團隊，顧問或投資者與此無關。令牌仍然被鎖定，並且仍處於已發表的持有期。

Binance confirmed that the drop was due to inter-exchange liquidations and noted that it had taken measures to mitigate risks, including reducing leverage for OM.

Binance證實了該下降是由於交換互換的清算造成的，並指出它已採取措施減輕風險，包括減少OM的槓桿作用。

At the same time, analytical platforms such as Lookonchain and SpotOnChain reported that since April 7, 17 wallets have transferred 43.6 million OM (4.5% of the circulating supply, worth $227 million at the time) to exchanges, including OKX and Binance. Some of these addresses have been linked to Laser Digital, Mantra’s strategic investor. Critics have accused the project team of controlling 90% of the token supply and could have organized the sale before the crash.

同時，諸如LookonChain和Spotonchain之類的分析平台報告說，自4月7日以來，17個錢包已轉移了4,360萬om（佔循環供應量的4.5％，當時價值2.27億美元）到包括OKX和Binance在內的交流。其中一些地址與Mantra的戰略投資者Laser Digital有關。批評家指責該項目團隊控制著90％的代幣供應，並可能在墜機前進行了銷售。

The recent airdrop of 50 million OM tokens also caused controversy, as many wallets that were eligible to receive tokens were removed from the lists to receive them without explanation. This significantly increased the distrust of the team.

最近的5000萬個OM令牌的空調也引起了爭議，因為許多有資格接收令牌的錢包被從列表中刪除以接收它們而沒有解釋。這大大增加了團隊的不信任。