Key Takeaways
- On-chain sleuth ZachXBT suggests that Mantra’s 90% price crash on Sunday, April 13th, was similar to REEF’s, which led to delisting.
- Jeetburner sent an open letter on X to Mantra’s team and Binance, declaring his dissatisfaction following the recent crash that led to a $3M token loss.
- Mantra’s co-founder, John Mullin, insists the team is here to stay and is working to find a solution.
Mantra’s (OM) price crash by 90% in a few hours on Sunday, April 13, 2025, during the early hours of the Asian session, generated quite a buzz in the cryptocurrency market. Traders and investors lost over a million dollars following its sudden price crash. OM’s co-founder John Millin took to his X account to announce that manipulation on crypto exchanges by its team was not behind its crash.
During an AMA (Ask Me Anything) session hosted for its community following the price crash, JP Mullin highlighted its teams and investors’ tireless efforts to find solutions, such as buyback and burn mechanisms, which are still being developed.
The co-founder, John Mullin, hinted that although we are still in the early stages of finding a solution, he is confident his team will find a way around this current uncertainty that has befallen this real-world asset (RWA) that has thrived in several market cycles.
JP Mullin further tweeted that TG (Telegram) wasn’t deleted and that vesting periods for team OM tokens are still valid and verifiable using the wallet address; he finally hinted that the team is going nowhere as they are all working to find a solution for its community.
On-chain Sleuht ZackXBT Weigh In On Mantra’s Crash
On-chain sleuth ZachXBT, on his X account, hinted that two names keep coming back in the mix of the Mantra incident with Denko, Reef finance founder, and Fukogoryushu. These persons have been looking for loans against their OM before a sudden price crash.
ZachXBT recalled similar price manipulation with REEF, as the price rallied before a sudden price crash, which led to the Binance exchange delisting the token from its trading platform due to its extreme volatility and price manipulation.
In an open letter to the Mantra team and Binance, Jeetburner described how he lost over $3 million in the recent Mantra price crash despite carrying out his due diligence before investing in its project. He sees Mantra (OM) as the future of RWA, but the recent crash has led to frustration and a lack of accountability.
While the OM saga continues, the team continues to uncover the way forward for this crypto asset and how its community would be compensated.
