OM crypto price fell 90%, wiping out $5.5B in value. Blame the team or exchanges like Binance and OKX? Here’s what could explain the Mantra collapse. Will OMUSDT recover? Meanwhile, Best Wallet presale raises over $11 million.
Crypto investors and traders are still reeling from the Mantra crypto price crash over the weekend. Over $5.5 billion in value was wiped from the real-world asset tokenization platform in just one hour. On April 13, OM prices plummeted from $6.50 to under $0.60, triggering a cascade of long liquidations and amplifying fear that worsened the situation.
(OMUSDT)
The collapse of Mantra and the OM token was catastrophic. Moreover, it occurred just when the broader crypto market was fragile and the sentiment undecided but somehow bearish.
What initially appeared to be a rug pull or coordinated price manipulation has evolved into a complex saga and a blame game.
🛑 The Biggest Scam Since the Luna Collapse!
It appears that what happened to $OM, the token of the @MANTRA_Chain project, was not a random crash—but rather a well-planned and coordinated scam, possibly involving major platforms! pic.twitter.com/9dOroEj2O2
— CrazyCrypto_Dude (@CrazyCrypto_D) April 13, 2025
The Mantra team accuses exchanges like Binance and OKX of negligence for not acting quickly to halt the liquidation wave. The timing of the sell-off, occurring over a weekend when liquidity was low, exacerbated the issue.
From what’s known, the April 13 liquidation will reshape the Mantra development trajectory and force investors to reassess their positions.
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OM Crypto Dumps 90%: What Happened?
The drop from $6.50 to under $0.60 in a few hours left investors stunned and analysts scrambling for answers.
According to Coinglass, over $46 million in leveraged long positions were liquidated on April 13.
(Source)
The spillover continued into April 14 but subsided as most open positions were forcibly closed on Sunday.
Trading primarily occurred on Binance, Bybit, Bitget, and OKX, with traders on these platforms bearing the brunt as the market cap shrank from nearly $6 billion to under $650 million.
Amid the chaos, fears emerged that the project had rug-pulled investors. However, co-founder JP Mullin took to X to calm nerves, blaming exchanges for “reckless forced closures.” He claimed the “sudden closure of account positions” occurred without sufficient warning or notice.
Sherpas, OMies, and broader crypto community,
First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.
We have determined that…
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 13, 2025
Without naming a specific exchange, he also suggested some were negligent and potentially profited from the sell-off.
OKX investigated and reported key changes to the Mantra (OM) tokenomics since October 2024. They noted possible coordinated large-scale deposits and withdrawals across major exchanges starting in March 2025.
Meanwhile, analytics platform Lookonchain revealed 17 deposits from multiple addresses, collectively depositing over 43 million OM into major exchanges.
Who dropped the price of $OM?
Before the $OM crash(since Apr 7), at least 17 wallets deposited 43.6M $OM($227M at the time) into exchanges, 4.5% of the circulating supply.
According to Arkham’s tag, 2 of these addresses are linked to Laser Digital.
Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO
— Lookonchain (@lookonchain) April 14, 2025
Two of these wallets, Lookonchain analysts claimed, citing Arkham data, belong to Laser Digital, a strategic investor in Mantra.
Laser Digital has denied these allegations, distancing itself from the wallets in question.
1/ We want to directly address recent speculation around Laser Digital’s involvement in the price action of $OM (Mantra) @MANTRA_Chain.
2/ Laser has no involvement in the recent price collapse of $OM.
Assertions circulating on social media that link Laser to 'investor selling'…— Laser Digital (@LaserDigital_) April 14, 2025
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Will OM and Mantra Recover?
For now, no one is willing to accept blame.
Nonetheless, the price crash has inflicted severe reputational damage, leaving investors, especially those who bought above $5, questioning whether OM crypto will recover.
Given the doubts around Mantra and OM, and the fact that the project is in a highly competitive space, reaching $5 again may take time.
The good news is that Mantra retains over $108 million in its Ecosystem Fund.
Additionally, no major investors, including Forte Securities or Valor, have publicly announced their exit.
In the coming months and years, the team must rebuild market confidence and regain its footing.
Best Wallet Presale Flying High
With Mantra crypto faltering, attention is shifting to Best Wallet.
Analysts call it one of the hottest presales in 2025 for good reason.
Not only is Best Wallet a strong competitor to MetaMask and Coinbase Wallet, but it’s also multi-chain, with plans to build a crypto and DeFi hub.
The wallet is feature-rich, offering an in-built DEX that aggregates prices from over 200 exchanges, an auto-staking aggregator, and gas-free transactions.
A standout feature is the “Upcoming Tokens” section, enabling investors to access some of the best cryptos to buy for 2025. Some presales, like Catslap, rallied 50X in the last bull run.
The presale has raised over $11 million, with stakers earning triple-digit yields—one of the industry’s highest.
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OM Crypto Mantra Dumps 90%, Best Wallet Presale Soars
- OM crypto price drops 90% in one hour, wiping out billions from the market
- Why did Mantra crash? Blame the team or exchanges?
- Will the Mantra crypto price recover in 2025?
- Best Wallet presale raises over $11 million
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