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就在上周，Mantra的OM代币看起来很棒：超过800％的一年，新的1.08亿美元的生态系统基金和10亿美元的迪拜真实交易

In the swirling dust of Sunday’s crypto collapse, one token’s implosion stood out: Mantra’s OM token. Just last week, it looked like a star performer, boasting year‑on‑year gains of over 800%, a fresh $108 million ecosystem fund and a $1 billion Dubai real‑estate deal (Mantra is a blockchain for tokenizing physical assets like buildings and art) in the pipeline.

在周日加密货币崩溃的漩涡状尘埃中，一个令牌的内爆即式：Mantra的OM令牌。就在上周，它看起来像是一名明星表演者，一年四季的增长超过800％，1.08亿美元的生态系统基金和10亿美元的迪拜真实交易（Mantra是诸如建筑物和艺术品（例如建筑物和艺术品）的区块链）。

But then, over the course of Sunday, its price cratered more than 90% from around $6.3 to below $0.5, erasing over $5.4 billion in value and sending traders hunting for villains. A snapshot of the token’s price over the past year shows the magnitude of the decline.

但是随后，在周日的过程中，其价格从6.3美元左右至低于0.5美元的价格超过90％，删除了超过54亿美元的价值，并派出了交易者寻找小人。过去一年中令牌价格的快照显示了下降的幅度。

The price began plummeting visibly on Sunday after several reports surfaced. One report by blockchain analysts at Chainalysis flagged 17 wallets moving 43.6 million OM (about $227 million) to exchanges Binance and OKX in the days leading up to the crash. Another report by crypto news outlet TokenPost claimed that a high-profile investor, Nomura-backed Laser Digital, was selling its entire OM holdings after an analytics platform apparently mistagged its wallets. However, Laser Digital quickly took to X, formerly known as Twitter, to deny involvement in the sell-off.

几次报道浮出水面后，价格在周日开始明显下降。区块链分析师在Chainalysis上的一份报告标记了17个钱包，在坠机前的日子里，将4,360万OM（约合2.27亿美元）交换了Binance和OKX。加密新闻媒体TokenPost的另一份报告称，一位备受瞩目的投资者Nomura支持的激光数字是在Analytics Platform显然误认为其钱包后出售其整个OM持股。但是，Laser Digital迅速上了X，以前称为Twitter，以否认参与抛售。

Rumors of over-the-counter (OTC) fire‑sales at half price also circulated, adding fuel to the panic. As the selling commenced, liquidity quickly dried up. Traditionally thin Sunday order books couldn’t handle the sudden influx of sell orders, which in turn triggered leveraged positions to be liquidated.

谣言（OTC）以半价散发出了非处方（OTC）的消防员，这增加了恐慌的燃料。随着销售的开始，流动性迅速干燥。传统上，周日的订单订单无法处理卖出订单的突然涌入，这反过来触发了要清算的杠杆位置。

By the time the cascade of events came to a halt, veteran traders were drawing comparisons to the aftermath of Terra’s LUNA collapse. In a statement to Bloomberg, CEO John Patrick Mullin denied any insider sales, placing blame on “reckless forced closures” by centralized exchanges and promising a token buyback.

到级联事件停止时，资深商人已经与Terra Luna崩溃后的后果进行了比较。首席执行官约翰·帕特里克·穆林（John Patrick Mullin）在给彭博社的一份声明中否认了任何内部人士的销售，将集中式交易所的“鲁ck闭合”责备归咎于“鲁ck闭合”，并承诺将获得代币的回购。

Exchange OKX, which saw the majority of the OM tokens land on its platform, pointed to MANTRA’s suspicious token economic changes and concentrated ownership. A portion of the 17 wallets that moved a large amount of OM tokens belonged to a crypto hedge fund, which was reportedly forced to sell its entire position in OM after another token in its portfolio went bad.

Exchange OKX看到了大多数OM令牌在其平台上登陆，他指出了咒语的可疑代币经济变化和集中所有权。在17个钱包中，一部分移动了大量的OM代币属于一个加密套品基金，据报道，该基金被迫在其投资组合中的另一个代币变坏后被迫在OM中出售其整个位置。

Despite the rapid depreciation of OM, Mullin expressed optimism for the future of the project. In an interview with Blockworks, he highlighted the potential of a new ecosystem fund to support developers building on Mantra’s blockchain.

尽管OM迅速贬值，但Mullin对项目的未来表示乐观。在接受BlockWorks的采访中，他强调了新的生态系统基金的潜力，以支持开发人员在Mantra的区块链上的建立。

“We’re going to come back stronger from this. We’re going to use this opportunity to rebuild and innovate,” Mullin said.

穆林说：“我们将从中更加强大。我们将利用这个机会来重建和创新。”

The crater BlockFi, Celsius & Co. left in crypto credit hasn’t stayed empty. In centralized crypto lending, the throne now belongs to Tether, Galaxy Digital and Ledn—a trio that controls nearly 90 % of what remains of centralized lending. The bigger shift, however, is on-chain: DeFi protocols now originate just over half of all crypto loans ($19.1 billion of the market’s $36.5 billion total), turning smart contracts into the sector’s chief credit officers.

火山口Blockfi，Celius＆Co。留下的加密信誉并没有空无一人。在集中的加密贷款中，该宝座现在属于系带，Galaxy Digital and Ledn，这三重奏控制了近90％的集中贷款。然而，更大的转变是链上：DEFI协议现在刚刚起源于所有加密贷款的一半以上（市场总计191亿美元的总计365亿美元），将智能合同变成了该行业的首席信贷官。

After a year-long crackdown by U.S. regulators, the dust is settling on the crypto industry. A snapshot of the scene:

在美国监管机构进行了为期一年的镇压之后，尘埃落定在加密货币行业上。场景的快照：

* After months of speculation, the administration scrapped the capital rules that would have limited how much crypto firms could hold in a given bank. The move came after a lobbying blitz by industry groups, and it’s a major victory for the industry.

*经过数月的猜测，政府取消了资本规则，这些规则将限制给定银行中可以持有多少加密货币公司。此举是在行业团体进行游说的闪电战之后进行的，这是该行业的重大胜利。

* In April, Congress passed a bill that would largely eliminate the need for crypto exchanges to provide burdensome paperwork to the Internal Revenue Service for users to calculate capital gains taxes. The move is a win for crypto users, who have long complained about the complexity of the tax reporting requirements.

* 4月，国会通过了一项法案，该法案将在很大程度上消除了对加密货币交易所的需求，以向内部税收服务提供繁重的文书工作，以供用户计算资本利得税。此举是对加密用户的胜利，他们长期以来一直抱怨税收报告要求的复杂性。

* The Department of Justice has shut down its crypto task force and will instead focus its efforts on pursuing crypto scammers. The move comes as several high-profile crypto executives have faced SEC fraud charges.

*司法部已关闭其加密货币工作队，而是将其努力集中在追求加密骗子上。此举是因为几位备受瞩目的加密高管面临SEC欺诈指控。

Beyond holding a variety of crypto tokens in a strategic reserve and putting an unsermonious end to the administration’s prosecution of industry players, the administration is also making bipartisan efforts to craft rules for dollar-pegged stablecoins.

除了将各种加密代币置于战略储备中，并使政府对行业参与者的起诉持续了终结之外，政府还在两党制定努力，为美元固定的Stablecoins制定规则。

The administration’s focus on crypto has helped to stabilize the industry and promote innovation. A bet that's paying off : bitcoin is up almost 30% since election night, and broader crypto prices have remained afloat despite some chop on Wall Street.

政府对加密货币的关注有助于稳定行业并促进创新。一个赌注正在获得回报：自选举之夜以来，比特币上涨了几乎30％，尽管华尔街在华尔街上有些砍伐，但更广泛的加密货币价格仍在漂浮。