$6 Billion Wiped Out as Mantra ($OM) Plummets – Binance, OKX Respond

Mantra ($OM) Crashes 90%, Triggers Rug Pull Fears and $6B Market Cap Loss

In a shocking market development, the price of Mantra’s native token ($OM) has plummeted over 90% within 24 hours, wiping out nearly $6 billion in market capitalization. This dramatic decline has ignited fears across the crypto community, with many questioning whether the collapse was the result of a rug pull or severe mismanagement.

$OM Price Freefalls, Stirring Panic and Speculation

The crash began over the weekend, when $OM tumbled from a high of $6.30 to under $0.50, triggering a market-wide selloff and immediate speculation. At press time, the token is trading around $0.79, still down 91% from its all-time high of $8.99 in February. The swift drop sent shockwaves across the altcoin market, drawing comparisons to infamous collapses like FTX and Terra (LUNA).

Amid widespread panic, crypto traders and investors have raised concerns about a possible rug pull—a scenario in which insiders or developers abruptly dump large token holdings, leaving retail investors with worthless assets. Social media has been flooded with user complaints and demands for transparency.

Binance and OKX Respond: “We’re Investigating”

Major crypto exchanges Binance and OKX swiftly responded to the price crash, each promising to investigate the situation and safeguard users.

In a statement posted on April 14 via Binance’s Customer Support account, the exchange disclosed that a series of cross-exchange liquidations were likely behind the price collapse. Binance further revealed it had already added a warning popup to $OM’s spot trading page in January 2025, alerting users to significant changes in token supply.

“We remain dedicated to monitoring the situation closely and will continue to take appropriate actions to protect our users and maintain the integrity of our platform,” Binance stated.

Additionally, Binance noted that it had reduced leverage levels for $OM since October 2024, though some users criticized the exchange for not delisting the token entirely before the meltdown.

Over on OKX, CEO Star called the event “a big scandal for the entire crypto industry” and promised full transparency by releasing on-chain data reports. He emphasized that all unlocks, deposits, and liquidation information could be publicly verified.

“All of the on-chain unlock and deposit data is public... OKX will make all the reports ready!” Star announced.

On-Chain Activity Sparks More Questions

In the lead-up to Mantra ($OM)’s dramatic price collapse, on-chain data reveals that 17 wallets collectively deposited 43.6 million OM tokens — valued at approximately $227 million — to centralized exchanges. This amount represents around 4.5% of the token’s circulating supply.

Notably, two of the wallets involved have been linked to Laser Digital, a known strategic investor in the Mantra ecosystem. The timing and scale of these transfers have raised concerns within the crypto community, fueling ongoing speculation about the nature and causes behind OM’s sudden 90% price drop.

Mantra Co-Founder Denies Rug Pull Allegations

In response to the turmoil, Mantra Co-Founder JP Mullin publicly denied allegations of a rug pull. He attributed the crash to forced liquidations initiated by centralized exchanges, stating that the team’s $OM holdings remain locked under the project’s vesting schedule.

“Centralized exchange partners play an important role in providing liquidity to projects like ours... but they continue to exercise enormously high levels of discretion,” Mullin noted.

He assured the community that neither the core team nor investors had offloaded their tokens.

What’s Next for OM and the Broader Market?

The $OM collapse arrives at a time when broader market uncertainty is already high. Both Bitcoin (BTC) and major altcoins are moving sideways as U.S.-China trade tensions cast a shadow over global markets.

As of now, OM's future remains uncertain. While developers and exchanges scramble to reassure investors, the crypto community is watching closely for further developments—and hoping history isn’t repeating itself.