{"id":20499,"date":"2025-04-14T04:54:00","date_gmt":"2025-04-14T04:54:00","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2025\/04\/14\/mantra-disastrous-meltdown-5-5-billion-vanishes-overnight-in-collapse-echoing-luna-disaster\/"},"modified":"2025-04-14T04:54:00","modified_gmt":"2025-04-14T04:54:00","slug":"mantra-disastrous-meltdown-5-5-billion-vanishes-overnight-in-collapse-echoing-luna-disaster","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2025\/04\/14\/mantra-disastrous-meltdown-5-5-billion-vanishes-overnight-in-collapse-echoing-luna-disaster\/","title":{"rendered":"Mantra Disastrous Meltdown: $5.5 Billion Vanishes Overnight in Collapse Echoing Luna Disaster"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">In just two hours on April 13, 2025, Mantra\u2019s native token OM lost more than 90% of its value \u2013 a crash that echoed the infamous Luna collapse and now stands as one of the most severe price meltdowns in crypto history.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">About Mantra, it\u2019s a Layer 1 blockchain project with OM as its native token. In February 2025, OM experienced a parabolic rally, surging from $5 to a peak of $8.99.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"From_Asias_Promising_Project_to_a_Luna-Style_Meltdown\"\/><strong>From Asia\u2019s Promising Project to a Luna-Style Meltdown<\/strong><span class=\"ez-toc-section-end\"\/><\/h2>\n<p><span style=\"font-weight: 400;\">According to data from CoinMarketCap and TradingView, OM began to plummet from $6.33 on the evening of April 13 to around $0.40 in less than two hours\u2014 a nearly 94% drop.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result, Mantra\u2019s market capitalization evaporated by nearly $5.5 billion, falling from $6 billion to just $500 million.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cI haven\u2019t seen a crash of this speed and scale since the LUNA collapse,\u201d one trader commented on X.<\/span><\/p>\n<\/blockquote>\n<div id=\"attachment_150767\" style=\"width: 886px\" class=\"wp-caption alignnone\"><noscript><\/noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-150767\" class=\"lazyload size-full wp-image-150767\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2025\/04\/Screenshot-2025-04-14-at-10.33.42.png\" alt=\"From Asia\u2019s Promising Project to a Luna-Style Meltdown\" width=\"876\" height=\"528\"\/><\/p>\n<p id=\"caption-attachment-150767\" class=\"wp-caption-text\">OM crashed in 2 hours \u2013 Source: <a href=\"https:\/\/www.coingecko.com\/en\/coins\/mantra\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">CoinGecko<\/a><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">On-chain data revealed that a personal wallet transferred approximately 3.9 million OM tokens to the OKX exchange just before the crash occurred. The community now suspects the wallet belongs to an insider from the project.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, according to a report from BeInCrypto, the Mantra team was involved in undisclosed over-the-counter (OTC) transactions, allegedly selling tokens at discounts of up to 50% compared to market prices.<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cMANTRA has a highly centralized token distribution structure, with over 85% of the total supply held by the team and strategic investors. An internal sell-off could easily trigger a domino effect,\u201d Lookonchain commented.<\/span><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Who dropped the price of <a href=\"https:\/\/twitter.com\/search?q=%24OM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">$OM<\/a>?<\/p>\n<p>Before the <a href=\"https:\/\/twitter.com\/search?q=%24OM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">$OM<\/a> crash(since Apr 7), at least 17 wallets deposited 43.6M <a href=\"https:\/\/twitter.com\/search?q=%24OM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">$OM<\/a>($227M at the time) into exchanges, 4.5% of the circulating supply.<\/p>\n<p>According to Arkham\u2019s tag, 2 of these addresses are linked to Laser Digital.<\/p>\n<p>Laser Digital is a strategic\u2026 <a href=\"https:\/\/t.co\/zB8yAPRPSO\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">pic.twitter.com\/zB8yAPRPSO<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1911584133652074662?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">April 14, 2025<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">The incident sparked strong backlash against the Mantra team. Some social media users began digging into the team\u2019s past, pointing out that WuBlockchain had previously warned that certain key members of the project were allegedly linked to the online gambling platform 21Pink.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">WuBlockchain warned the risk of MANTRA DAO in 2021. It is composed of several core members of the online gambling platform 21Pink. OM once falsely claimed to have received FTX investment but FTX later denied the information. <a href=\"https:\/\/t.co\/N1SeACx7A5\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">https:\/\/t.co\/N1SeACx7A5<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1911601696335413556?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">April 14, 2025<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">There were also claims that MANTRA once stated it had received investment from FTX, a statement later publicly denied by the now-defunct exchange.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CNot_Our_Fault%E2%80%9D_Mantra_Points_at_Exchanges_After_94_OM_Collapse\"\/>\u201cNot Our Fault\u201d: Mantra Points at Exchanges After 94% OM Collapse<span class=\"ez-toc-section-end\"\/><\/h2>\n<p><span style=\"font-weight: 400;\">Shortly after OM\u2019s dramatic plunge, Mantra co-founder John Patrick Mullin issued a public statement in an attempt to calm the community.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Posting on his personal account, Mullin firmly denied any involvement from the core team, the MANTRA Chain Association, or internal investors in the sell-off. He emphasized that all tokens remain locked under the publicly disclosed vesting schedule and that all project-related wallets are fully transparent and trackable.<\/span><\/p>\n<p>Mullin claimed that centralized exchanges (CEXes) triggered forced liquidations during a period of low market liquidity\u2014specifically late Sunday UTC.<\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cThe timing and depth of the drop point to an unexpected position closure with no warnings or prior notice. Such an incident highlights a lack of oversight by centralized exchanges and may reflect an intentional attempt to dominate the market,\u201d Mullin stated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added \u201cWe are actively working with our exchange partners \u2013 entities that hold significant control. But when such power is misused, events like this will continue to happen.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Mantra also announced a community AMA on X to further clarify the incident. The project warned users to avoid clicking on suspicious links, as scammers are attempting to exploit the situation.<\/span><\/p>\n<p class=\"\" data-start=\"0\" data-end=\"566\">Notably, Binance \u2013 one of the world\u2019s largest cryptocurrency exchanges and the current listing venue for OM, issued an official statement confirming that it is closely monitoring the ongoing developments surrounding MANTRA. In a notice today, Binance stated that it may suspend trading, delist the token, or apply other risk management measures to protect users if it detects serious violations related to transparency or false listing disclosures.<\/p>\n<p class=\"\" data-start=\"568\" data-end=\"779\">Given the extreme price volatility, disrupted liquidity, and unresolved concerns, analysts urge investors to trade OM cautiously to avoid unnecessary financial risks.<\/p>\n<p>This dramatic collapse also sparked an unexpectedly ironic twist, dragging a completely unrelated project with a similar name \u2013 Manta, into the crossfire. Manta\u2019s co-founder publicly clarified that their project has no affiliation whatsoever with Mantra after confusion spread due to the similar names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"\/><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"\/><\/h2>\n<p>The team attributes the crash to external liquidations, but on-chain activity and OTC deal reports have fueled community skepticism.<\/p>\n<p><span style=\"font-weight: 400;\">With its tokenomics under scrutiny and trust in the project rattled, Mantra\u2019s path forward hinges on transparency, swift communication, and structural reform. It remains unclear whether this marks a temporary setback or signals the start of a deeper unraveling.<\/span><\/p>\n<blockquote>\n<p>Read more: <a href=\"https:\/\/nftevening.com\/nfts-on-monad-are-exploding\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">NFTs on Monad Are Exploding: +2,000% Gains in Weeks<\/a><\/p>\n<\/blockquote>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftevening.com\/mantra-disastrous-meltdown\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=mantra-disastrous-meltdown\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In just two hours on April 13, 2025, Mantra\u2019s native token OM lost more than 90% of its value \u2013 a crash that echoed the infamous Luna collapse and now stands as one of the most severe price meltdowns in crypto history. About Mantra, it\u2019s a Layer 1 blockchain project with OM as its native [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2025\/04\/Featured-Image-1280x720-PRPartnered-5-1.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/20499"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=20499"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/20499\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/20500"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=20499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=20499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=20499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}