Mantra网络Rugpull：Web3生态系统如何损失近60亿美元

自2025年初以来，据报道，Web3生态系统已损失了近60亿美元的鲁格普尔，其中92％与咒语案有关。

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.

据报道，Web3生态系统自2025年初以来已损失了近60亿美元，损失了鲁格普尔，其中92％与咒语案有关。与2024年初相比，这标志着损失增加了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.

本月早些时候，加密货币行业因持续的指控而震惊了咒语网络可能已经精心策划了一个摇摇欲坠，从而引发了有关使用Dapps和Dopkens时使用尽职调查的紧急问题。

The Mantra incident rocked the crypto market

咒语事件震撼了加密市场

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.

在该网络的咒语（OM）令牌看到其价值在4月13日不到一个小时的时间内，其价值下降了90％以上，最近的咒语网络最近受到审查。

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.

该垃圾场被淘汰了超过55亿美元的市值，并将OM从6.33美元的高价提高到0.50美元以下，这使许多人与臭名昭著的Terra Luna案进行了比较。

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.

根据多个报道，触发器很可能是与据称与咒语团队相关的钱包相关的大量令牌。据报道，由于该团队控制了近供应币总供应量的90％，因此随着人们的身份越来越担心内部人员即将抛弃，这一举动立即引起了危险信号。

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社区长期以来一直对透明度感到担忧，并且在过去的一年中，该团队通过做市商操纵了令牌的价格，改变了令牌组学，并反复推迟了社区空调。

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.

还有报道说，咒语可能已经从未公开过非处方（OTC）交易，这使团队以巨大的折扣出售令牌。 OM价格的迅速下降使这些OTC投资者造成了损失，随着恐慌销售成为当今的订单，引发了大规模出埃及记。

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

恐慌产生了连锁反应，引发了停止损失的命令，并在杠杆位置上被强迫清算，从而使崩溃更加复杂。

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

有访问链链数据的任何人都有迹象

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.

调查和社区讨论正在进行中，但是链上的活动充满了迹象，这些迹象可能会引起早期关切的关注，以了解任何关心的知识渊博的投资者。

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.

根据Dappradar的数据，该平台在独特的活跃钱包（UAW）的历史最高时分为64，这是2024年12月记录的。除了短暂的尖峰，每日钱包的相互作用外，每天的钱包相互作用始终在1到11之间，几天没有显示活动。

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

缺乏一致的用户参与信号低牵引力，这是任何声称增长或采用的项目的潜在危险信号。

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.

在交易数据中可以注意到类似的模式。尽管有些日子记录了多达66次交易，但活动定期降至零。

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.

这种不稳定的波动表明用户行为和可能无机参与的波动性 - 在DAPP中的常见迹象可能已经被塑造出来的，看起来比它们更活跃。

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.

尽管这些指标都无法自行确认阴暗的业务，但数据点的组合诸如低一致的用户活动，不稳定的交易趋势以及围绕令牌分布周围的透明度有限可以创造出值得一看的模式，尤其是当结合可能过度启动开发或公用事业的叙述时。