The Mantra crypto, OM, collapsed by 92 % in a few hours, despite a valuation of $ 6 billion the day before. Liquidations? Manipulation? Rug Pull? Immersed in a troubled case that shakes the whole ecosystem.
Massive loss of valuation for the OM crypto
While most of the financial markets, including that of cryptocurrencies, react particularly violently to the twists and turns of the war of the “Tariffs” waged by Donald Trump, a whole other story came to disturb the tranquility of investors last night.
Indeed, The crypto OM has unscrewed about 92 % of its value in just a few hours : a brutal fall and which raises questions as to the relevance of the project or to potential price manipulation.
Graph representing the evolution of the price of the OM crypto, in daily data
Although this kind of event is relatively common to low capitalization cryptocurrencies, OM cryptocurrency was not part of this category. A few hours before this sudden fall, the Crypto OM was still valued at more than $ 6 billion, which placed it in 24th position of the most capitalized cryptos.
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Thus, in writing these lines, the price of OM is $ 0.78 per unit, for a total valuation of $ 752 million.
OM is the cryptocurrency of the Mantra Chain project, a blockchain dedicated to the tokenization of active world (RWA). The project is notably known to have signed several contracts, totaling more than a billion dollars in investment, to tokenize land assets in the United Arab Emirates.
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What do we know about the fall of Mantra?
Although many gray areas still remain to be lightened, versions diverge on this event. John Patrick Mullin, CEO of Mantra Chain, spoke several times on social networks in the evening.
He says that ” Crypto OM market fluctuations were launched by liquidations initiated by centralized exchanges ». In addition, he denounces a “certain degree of negligence” of the latter by pointing to the bad timing of these liquidations, which implies low liquidity.
Although John Patrick Mullin deny any causal link with the team, advisers or investors who have sold the crypto, many internet users suspect a “rug sweater”.
https://www.youtube.com/watch?v=B0xWrLUECF4
Indeed, the Mantra Chain project has regularly been awarded the nickname “SCAM” in recent months. For good reason, changing tokenomics, too much supply owned by the team, and systematic exclusions from their social networks at the slightest criticism.
In addition, several independent on-chain investigators are starting to highlight points that deserve clarifications.
BREAKING:
Before the $ OM Crash, 17 wallets Deposited 43.6m $ OM ($ 227m) to Exchanges
That's 4.5% of Circulating Supply.
2 wallets Are Linked to Laser Digital, A Strategic Investor. pic.twitter.com/mfeyMabu37
– Crypto Rover (@rovercrc) April 14, 2025
In this tweet, we learn that 17 different wallets have deposited 4.5 % of the total supply of the Crypto OM On centralized exchanges, shortly before the crash. Moreover, 2 of these wallets are linked to digital laser, a venture capital fund.
Thus, doubts remain as to the reliability of the CEO of the CEO of Mantra Chain. We will continue to investigate the subject by providing additional answers in the coming days.
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provided a weekly fundamental analysis.
Théo Zananiri
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