- Mantra (OM) crashed 87% from $6.25 to $0.79 in under an hour during Sunday night low-activity hours, wiping out billions in market cap from $6 billion to $771 million.
- The crash triggered over $70 million in liquidations within 24 hours, with $50 million from long positions and $20 million from short positions.
- Co-founder JP Mullin blamed centralized exchanges for reckless forced liquidations during low-liquidity hours, calling it either gross negligence or intentional market manipulation by one exchange in particular.
- Mullin confirmed the Mantra team was not responsible for the crash, with all tokens still locked according to vesting schedule, and will host a community space to address the situation.
Date: Mon, April 14, 2025 | 04:20 AM GMT
The crypto market just witnessed one of the most shocking crashes of the year. On Sunday night, during low-activity hours, top RWA project Mantra (OM)—which had been one of the best-performing assets over the past year—suddenly plunged by 87%, sending shockwaves through the community.
OM’s price crashed from $6.25 to just $0.79 in under an hour, wiping out billions in market cap. At its peak, Mantra was sitting strong at around $6 billion, but following the crash, that number dropped to $771 million at the time of writing—causing major losses for its investors.
Massive Liquidations
According to live data from Coinglass, the crash triggered massive liquidations—over $70 million in total over the past 24 hours. Of that, $50 million came from long positions, while short sellers lost about $20 million, all primarily from OM positions.
The liquidation list on Coinglass was flooded with OM trades, showing just how isolated—but severe—this event was.
Co-Founder Points Finger at Centralized Exchange
In the aftermath, JP Mullin, Co-Founder of Mantra, broke the silence and placed the blame squarely on centralized exchanges (CEXs).
He claimed that the sudden price drop was triggered by reckless, forced liquidations of OM holders’ accounts—done without proper warning and during low-liquidity hours (Sunday evening UTC / early Monday morning in Asia). Mullin called out this behavior as either gross negligence or intentional market manipulation, hinting that one or more exchanges might have used the opportunity to profit from the chaos.
Importantly, Mullin emphasized that neither the Mantra team nor its advisors or investors were responsible for the crash. He reassured the community that all tokens are still locked according to the vesting schedule and that the team remains committed to building.
When asked by a user if this could have been a coordinated attack, Mullin replied:
“We believe it was one [exchange] in particular, but figuring out the details. Will share what we can in due course.”
He also confirmed that Binance was not involved.
What’s Next?
To address the situation and clear the air, JP Mullin will be hosting a community space on X in the coming hours. Investors and followers are encouraged to stay cautious and avoid scam links or fake accounts claiming to be affiliated with Mantra.
Despite the crash, Mullin reminded the community that Mantra has weathered previous storms and continues to build. The team says it’s in it for the long haul.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
The opinions and market insights shared on CoinsProbe represent the views of individual authors based on prevailing market conditions at the time of publication. Cryptocurrency investments carry significant risk and volatility. Readers are encouraged to conduct their own research and seek professional financial advice before making investment decisions. CoinsProbe and its contributors do not accept responsibility for financial losses or decisions made based on published content.
CoinsProbe may publish sponsored articles, affiliate links, or promotional collaborations. All sponsored material is clearly labeled to maintain transparency with our audience. Our editorial decisions remain fully independent, and advertising partnerships do not influence reviews, rankings, or published opinions.
Since 2023, CoinsProbe has delivered reliable insights on cryptocurrency, blockchain, and digital assets. Our content is created by experienced researchers and analysts who follow strict editorial standards focused on accuracy, transparency, and credibility. Every article is carefully reviewed and verified using trusted sources and current market data. We provide unbiased analysis and timely updates covering everything from emerging crypto projects to major industry developments.
