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Popular RWA tokenization blockchain Mantra token, OM, nosedived by over 90% on April 13, falling from $6.30 to under $0.50 in mere hours. The token’s dramatic collapse wiped out more than $5.5 billion in market capitalization, rattling investors and reigniting discussions around centralized exchange risk.
While some traders cried rug pull, others pointed toward forced liquidations or loan defaults as the root cause.
Mantra Meltdown Triggers Panic
In an official statement, Mantra co-founder John Mullin rejected the speculation, calling the crash a result of “reckless forced closures” executed by centralized exchanges during low-liquidity trading hours.
“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” Mullin posted on X. He added that while the team suspects one unnamed exchange to be primarily responsible, they’re still “figuring out the details.” He did, however, confirm that Binance was not involved.
According to Spot On Chain, certain whales transferred over 14 million OM tokens to OKX only three days before the drop. These same wallets had acquired 84.15 million OM in March for over half a billion dollars. Now, their holdings are worth just $62.2 million—an unrealized loss exceeding $400 million.
Onchain Clues Stir More Uncertainty
While Mullin strongly denied any team involvement in foul play—clarifying there were no outstanding loans or token unlocks involved—community doubts persist. He reiterated that OM’s vesting schedules remain unchanged and team wallets are transparent and untouched.
Analytics platform Lookonchain reported that since April 7, at least 17 wallets deposited a combined 43.6 million OM to exchanges, roughly 4.5% of the circulating supply. Whether these transfers were linked to coordinated selling or simple investor panic remains to be seen.
Following the collapse, OM briefly recovered to above $1 but has since pulled back again and is now trading near $0.79, per CoinGecko. The token had reached an all-time high of nearly $9 less than two months ago, marking a stunning 91% drawdown.
This crisis comes on the heels of high-profile moves for Mantra, including a $1 billion tokenization partnership with DAMAC and a regulatory license from Dubai’s VARA. The project’s next community call is expected to shed more light on what many are now calling one of 2025’s most shocking crypto flash crashes.
