这比Luna更残酷。咒语令牌OM坠毁90％

在今天凌晨北京的时候，突然的暴跌使许多加密货币投资者整夜醒来。

In the early hours of this morning Beijing time, a sudden plunge kept many crypto investors awake all night. MANTRA token OM fell by about 10% in just one hour, and then plummeted directly from $5.21 to $0.50, a drop of 90%. There was an uproar, and the community commented: "There are still a lot of people saving OM to earn interest, and they don't even have time to run away. This is more fatal than the LUNA flash crash that year."

在今天凌晨北京的时候，突然的暴跌使许多加密货币投资者整夜醒来。 Mantra代币在短短一小时内下跌了约10％，然后直接从5.21美元下降到0.50美元，下降了90％。有一个骚动，社区评论说：“仍然有很多人拯救OM来赢得兴趣，他们甚至没有时间逃跑。这比当年的Luna Flash崩溃更为致命。”

This sudden plunge is not just a technical issue, it’s more like a mine that has been buried for years finally exploding.

这种突然的暴跌不仅是一个技术问题，而且更像是一个被埋葬多年的矿山，终于爆炸了。

A lot of "dark history"? Uncovering MANTRA's controversial past

很多“黑暗历史”？揭露咒语的有争议的过去

In the Web3 world, it is not uncommon for project valuations to deviate from fundamentals, but when a DeFi protocol has a TVL of only $4 million but a fully diluted valuation (FDV) of up to $9.5 billion, it is hard not to raise market doubts about its rationality.

在Web3世界中，偏离基本面的项目估值并不少见，但是当Defi协议的TVL仅为400万美元，但最高可达95亿美元的估值（FDV）时，很难不引起市场对其合理性的疑问。

MANTRA's collapse may not be without reason. In recent years, it has been full of controversies and disgraceful pasts:

咒语的崩溃可能并非没有理由。近年来，它充满了争议和可耻的过去：

The project owner has a high degree of control. Crypto analyst Mosi said that MANTRA controls most of the $OM circulation. The project owner has concentrated up to 90% of the $OM (792 million) in a single wallet address.

项目所有者具有高度的控制。加密分析师Mosi说，咒语控制着大部分$ OM流通。该项目所有者将$ OM（7.92亿）的90％集中在单个钱包地址中。

An infinite token relay game. Crypto KOL Rui pointed out that the underlying logic of OM is more like a carefully packaged OTC funding game. It is said that in the past two years, OM has raised more than US$500 million through OTC sales in a ground-based model. Its operation method is to continuously issue new OTC tokens to take over the selling pressure of the previous round of investors, forming a cycle of "new for old, old for new". Once liquidity is exhausted or the unlocked tokens can no longer be absorbed by the market, the entire system may collapse.

无限代币接力游戏。 Crypto Kol Rui指出，OM的基本逻辑更像是一款精心包装的OTC资金游戏。据说，在过去的两年中，OM在基于地面的模型中通过OTC销售筹集了超过5亿美元。它的操作方法是不断发行新的OTC代币，以接管上一轮投资者的销售压力，形成一个“新老，旧的”周期。一旦流动性耗尽，或者不再被市场吸收的解锁令牌，整个系统可能会崩溃。

The project team itself will also "cash out in time" in each round of increases, and obtain additional profits by opening contracts and cooperating with the market.

项目团队本身还将在每一轮增加中“及时兑现”，并通过开张合同并与市场合作获得更多利润。

Middle Eastern capital acquires project shell. According to Ye Su, in 2023, OM's FDV fell to less than 20 million US dollars, and the project was almost abandoned. Subsequently, with the help of a middleman, a Middle Eastern capital acquired the OM project, retaining only the original CEO and replacing all the rest of the team. This Middle Eastern capital has extremely rich luxury homes, resorts and various RWA assets, packaging OM as an RWAfi concept project. With the popularity of the RWA theme and high control techniques, OM achieved a 200-fold increase in 2024.

中东首都收购壳牌项目。根据Ye Su的说法，2023年，OM的FDV下降到不到2000万美元，该项目几乎被放弃了。随后，在一个中间人的帮助下，中东首都收购了OM项目，仅保留了原始首席执行官并取代了全部其他团队。这个中东首都拥有极富富裕的豪华房屋，度假胜地和各种RWA资产，将OM包装为RWAFI概念项目。随着RWA主题和高控制技术的普及，OM在2024年增长了200倍。

Involved in legal disputes and accused of asset misappropriation. According to the South China Morning Post, the Hong Kong High Court once asked six members of MANTRA DAO to disclose relevant financial information because the project party was accused of misappropriating DAO assets.

参与法律纠纷，并指控资产盗用。根据《南中国晨报》的报道，香港高等法院曾经要求曼特拉道的六名成员披露相关的财务信息，因为该项目政党被指控挪用了DAO资产。

A large amount of promised fees and tokens are in arrears. Crypto KOL Phyrex said that he participated in the project investment in the early years, but never received the promised tokens. Even though he won the lawsuit in 2023, the MANTRA team never executed the court's decision, citing that it had "moved from Hong Kong to the United States." He complained: "Not a penny of the money and tokens owed has been paid."

大量承诺的费用和代币欠款。 Crypto Kol Phyrex说，他在早期参加了项目投资，但从未收到承诺的令牌。即使他在2023年赢得了诉讼，但咒语团队从未执行法院的裁决，理由是它已经从香港搬到了美国。”他抱怨说：“欠欠款的一分钱和代币。”

The airdrop operation has been criticized. According to IceFrog, the MANTRA project has frequently modified the rules since the early airdrop activities, gradually postponed the token unlocking schedule, and ultimately caused users' expectations for airdrops to be repeatedly dashed. During the airdrop distribution stage, the project lacked transparency, always took a cold approach to community doubts, and even resorted to a "witch trial"-style withdrawal mechanism, depriving users of airdrop qualifications on the grounds of so-called "Sybil attacks", but never disclosed specific judgment criteria or data.

气流操作受到批评。根据IceFrog的说法，自早期的Airdrop活动以来，该咒语项目经常修改规则，逐渐推迟了令牌解锁的时间表，并最终导致用户对Airdrops的期望反复破灭。在空调分销阶段，该项目缺乏透明度，总是采取冷酷的方法来解决社区的怀疑，甚至诉诸于“巫婆审判”风格的撤回机制，以所谓的“ Sybil攻击”为由剥夺了用户的空能电池资格，但从未透露过特定的判断标准或数据。

The truth behind the collapse: forced liquidation and the exodus of large investors

崩溃背后的真相：强迫清算和大型投资者的出埃及

After the OM price plummeted, which quickly caused panic and doubts in the community, the MANTRA team spoke out urgently within a few hours, trying to clarify that the project had no direct relationship with the sharp market fluctuations. There are many analyses and speculations about this crash in the market. The causes can be roughly attributed to the following two points:

在OM价格暴跌之后，很快引起了社区的恐慌和怀疑之后，咒语团队在几个小时内紧急说话，试图澄清该项目与急剧市场的波动没有直接关系。关于市场崩溃的分析和猜测很多。原因可能大致归因于以下两个点：

Forced liquidation triggers market volatility

强制清算触发器市场波动

According to MANTRA co-founder JP Mullin, the wild volatility in the OM market was caused by the reckless forced liquidation of OM account holders by centralized exchanges. He pointed out that the liquidation of these account positions happened very suddenly and without sufficient warning or notification in advance.

根据Mantra联合创始人JP Mullin的说法，OM市场的野性波动是由集中式交易所对OM帐户持有人进行了鲁ck的强迫清算造成的。他指出，这些帐户职位的清算突然发生了，没有足够的警告或事先通知。

Data shows that in the past 12 hours, the OM collapse has led to more than $66.97 million in forced liquidations, with 10

数据表明，在过去的12个小时中，OM崩溃导致了超过6697万美元的强迫清算，有10美元