加密货币市场因出乎意料且非常负面的事件而震撼：咒语（OM）令牌与代币化现实世界资产（RWAS）的区块链平台相关联，在短短几个小时内就崩溃了90％。

这正是基金灰度称为投资有吸引力的项目。在撰写本文时，价格已降至0.54美元，市值从60亿美元降至不到5.2亿美元。

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.

加密货币市场因出乎意料且非常负面的事件而震撼：咒语（OM）令牌与代币化现实世界资产（RWAS）的区块链平台相关联，在短短几个小时内就崩溃了90％。这正是基金灰度称为投资有吸引力的项目。在撰写本文时，价格已降至0.54美元，市值从60亿美元降至不到5.2亿美元。根据Coinglass的数据，这导致了价值超过8400万美元的交易员职位的清算。

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令牌的倒塌已经与Terra Luna和FTX交换的崩溃进行了比较。有前途的咒语项目怎么了？

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.

该咒语（OM）项目被定位为用于使真实资产（例如房地产，商品或艺术品）的领先平台。该项目由于其雄心勃勃的目标和与位于迪拜的Damac Group建立了雄心勃勃的目标，该项目获得了10亿美元的房地产标记协议。 Mantra还从迪拜监管机构（VARA）获得了虚拟资产服务提供商（VASP）许可证，该许可增加了其信誉。

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.

在过去的12个月中，OM令牌增长了640％，市值已达到640％，使Mantra成为仅次于Chainlink的第二大RWA项目。

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，该小组宣布启动了一笔1.088亿美元的资金来支持RWA和DEFI，并举办了5000万个OM令牌的空投，价值3.16亿美元。所有这些都给人留下了稳定和承诺的印象。怎么了？

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的价格在几个小时内下降了其价值的90％。咒语联合创始人约翰·帕特里克·穆林（John Patrick Mullin）说，崩溃是由集中式交流（CEX）上的鲁ck被迫清算引起的。据他说，一位大型投资者引发了级联的卖出订单，这使订单崩溃并引起了恐慌。

"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.

“我们已经确定，OM市场的变动是由OM帐户持有人的集中交流引发的鲁ck强迫关闭引发的。坠机的时间和深度表明，很突然的帐户位置启动了未充分的警告或通知。这是在不充分的警告或通知的情况下。这是在周日傍晚的UTC（早晨的时间）上的范围内的范围内的，或者在整个范围内进行了整体的范围，或者是在范围内的主要范围，或者是在范围内的最佳范围，或者是在范围内的最佳范围，或者是否定的，或者是在范围内的最佳范围，或者是在范围内的最佳范围，或者是在范围内的最佳范围，或者是范围的。交换合作伙伴在我们与我们的项目中的流动性方面发挥着重要作用，但是当他们在没有适当的内部和外部监督的情况下行使了极大的酌处权。令牌。令牌仍然被锁定，并且仍处于已发表的归属期。正如我们最新的令牌报告中的上周共享的那样，OM的令状学仍然完好无损。我们的象征钱包地址是在线和可见的，”他在X上写道。

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.

他保证，口头禅的团队，顾问或投资者与此无关。令牌仍然被锁定，并且仍处于已发表的持有期。

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证实了该下降是由于交换互换的清算造成的，并指出它已采取措施减轻风险，包括减少OM的杠杆作用。

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.

同时，诸如LookonChain和Spotonchain之类的分析平台报告说，自4月7日以来，17个钱包已转移了4,360万om（占循环供应量的4.5％，当时价值2.27亿美元）到包括OKX和Binance在内的交流。其中一些地址与Mantra的战略投资者Laser Digital有关。批评家指责该项目团队控制着90％的代币供应，并可能在坠机前进行了销售。

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5000万个OM令牌的空调也引起了争议，因为许多有资格接收令牌的钱包被从列表中删除以接收它们而没有解释。这大大增加了团队的不信任。