Mantra網絡Rugpull：Web3生態系統如何損失近60億美元

自2025年初以來，據報導，Web3生態系統已損失了近60億美元的魯格普爾，其中92％與咒語案有關。

The Web3 ecosystem has reportedly lost nearly $6 billion to rugpulls since the beginning of 2025, with 92% linked to the Mantra case. This marks a 6,499% increase in losses compared to early 2024.

據報導，Web3生態系統自2025年初以來已損失了近60億美元，損失了魯格普爾，其中92％與咒語案有關。與2024年初相比，這標誌著損失增加了6,499％。

Earlier this month, the crypto industry was stunned by mounting allegations that the Mantra Network may have orchestrated a rugpull, raising urgent questions about the due diligence users apply when engaging with dApps and tokens.

本月早些時候，加密貨幣行業因持續的指控而震驚了咒語網絡可能已經精心策劃了一個搖搖欲墜，從而引發了有關使用Dapps和Dopkens時使用盡職調查的緊急問題。

The Mantra incident rocked the crypto market

咒語事件震撼了加密市場

Mantra Network recently came under scrutiny following accusations of a rugpull after the network’s MANTRA (OM) token saw its value fall by over 90% in less than an hour on April 13.

在該網絡的咒語（OM）令牌看到其價值在4月13日不到一個小時的時間內，其價值下降了90％以上，最近的咒語網絡最近受到審查。

The dump saw more than $5.5 billion in market capitalization wiped out and took OM from a high of $6.33 to below $0.50, leading many to draw comparisons to the infamous Terra LUNA case.

該垃圾場被淘汰了超過55億美元的市值，並將OM從6.33美元的高價提高到0.50美元以下，這使許多人與臭名昭著的Terra Luna案進行了比較。

According to multiple reports, the trigger is most probably a large token deposit linked to a wallet allegedly associated with the MANTRA team. And since the team reportedly controls close to 90% of the token’s total supply, the move raised immediate red flags as people grew concerned that an insider was about to dump.

根據多個報導，觸發器很可能是與據稱與咒語團隊相關的錢包相關的大量令牌。據報導，由於該團隊控制了近供應幣總供應量的90％，因此隨著人們的身份越來越擔心內部人員即將拋棄，這一舉動立即引起了危險信號。

The OM community has long been apprehensive about transparency and has, over the past year, claimed that the team manipulated the token’s price through market makers, changed tokenomics, and repeatedly delayed a community airdrop.

OM社區長期以來一直對透明度感到擔憂，並且在過去的一年中，該團隊通過做市商操縱了令牌的價格，改變了令牌組學，並反复推遲了社區空調。

There are also reports that MANTRA may have engaged in undisclosed over-the-counter (OTC) deals, which saw the team selling tokens at steep discounts. The rapid decline in OM’s price pushed these OTC investors into losses, sparking a mass exodus as panic selling became the order of the day.

還有報導說，咒語可能已經從未公開過非處方（OTC）交易，這使團隊以巨大的折扣出售令牌。 OM價格的迅速下降使這些OTC投資者造成了損失，隨著恐慌銷售成為當今的訂單，引發了大規模出埃及記。

The panic created a ripple effect that triggered stop-loss orders and forced liquidations on leveraged positions, compounding the collapse.

恐慌產生了連鎖反應，引發了停止損失的命令，並在槓杆位置上被強迫清算，從而使崩潰更加複雜。

There were signs for anyone with access to on-chain data

有訪問鍊鍊數據的任何人都有跡象

Investigations and community discussions are ongoing, but the on-chain activity is filled with signs that could have raised early concerns to any knowledgeable investor who cared to look.

調查和社區討論正在進行中，但是鏈上的活動充滿了跡象，這些跡象可能會引起早期關切的關注，以了解任何關心的知識淵博的投資者。

According to data from DappRadar, the platform’s all-time high in Unique Active Wallets (UAW) was 64, and this was recorded in December 2024. Besides that brief spike, daily wallet interactions consistently ranged between 1 and 11, with multiple days showing no activity at all.

根據Dappradar的數據，該平台在獨特的活躍錢包（UAW）的歷史最高時分為64，這是2024年12月記錄的。除了短暫的尖峰，每日錢包的相互作用外，每天的錢包相互作用始終在1到11之間，幾天沒有顯示活動。

The lack of consistent user engagement signals low traction, a potential red flag for any project claiming growth or adoption.

缺乏一致的用戶參與信號低牽引力，這是任何聲稱增長或採用的項目的潛在危險信號。

A similar pattern can be noticed in the transaction data. While some days recorded as many as 66 transactions, activity regularly dropped back to zero.

在交易數據中可以注意到類似的模式。儘管有些日子記錄了多達66次交易，但活動定期降至零。

Such erratic fluctuations point toward volatility in user behavior and possibly inorganic engagement — common signs in dApps that may have been doctored to appear more active than they are.

這種不穩定的波動表明用戶行為和可能無機參與的波動性 - 在DAPP中的常見跡象可能已經被塑造出來的，看起來比它們更活躍。

While none of these metrics can confirm shady business on their own, the combination of data points like low consistent user activity, unstable transaction trends, and limited transparency around token distribution can create a pattern worth taking a second look at, especially when combined with a narrative that may overpromise on development or utility.

儘管這些指標都無法自行確認陰暗的業務，但數據點的組合諸如低一致的用戶活動，不穩定的交易趨勢以及圍繞令牌分佈周圍的透明度有限可以創造出值得一看的模式，尤其是當結合可能過度啟動開發或公用事業的敘述時。