The team behind the Mantra blockchain platform has attributed the drastic 90% drop in its native token, OM, to forced account closures by centralized exchanges. On April 13, co-founder John Mullin stated that the market movements were sudden and lacked sufficient warning, emphasizing that negligence or possible intentional actions from exchanges played a role. Notably, the crash occurred during low liquidity hours, raising further concerns. Although Mullin hinted at one exchange being particularly responsible, he clarified it was not Binance. Meanwhile, blockchain analytics platforms revealed that significant OM token transfers occurred before the collapse, with over 43 million tokens deposited into exchanges. Following the crash, the token's price temporarily recovered but is currently trading around $0.7894, having lost over 91% from its all-time high of just under $9 earlier this year. Mullin strongly denied rumors that the team engaged in risky financial maneuvers or a rug pull.

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