Mantra’s OM token experienced a dramatic collapse, plummeting over 90% from $6 to below $0.50 on April 13, erasing more than $5 billion in market cap. The crash sparked chaos within the crypto community, fueled by speculation ranging from insider dumping to exchange manipulation. Before the crash, Mantra had a strong standing in real-world asset tokenization, supported by significant investors. The downturn was said to have been exacerbated by reckless forced liquidations on exchanges, as noted by Mantra's CEO, John Patrick Mullin. Following the crash, two wallets linked to a major investor were noted to have made substantial deposits just before the crisis, raising further suspicions. Exchanges Binance and OKX acknowledged cross-exchange liquidations and began investigations into the incident, with OKX indicating the token's changing tokenomics as a factor. Meanwhile, allegations against portfolio managers and the implication of other firms added to the uncertainty, with calls for transparency and assurances of token recovery from Mantra’s team. Although theories proliferated, the cause of the collapse remained unconfirmed, prompting ongoing scrutiny within the crypto market.

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