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The Mantra crypto crash worn out over $4.5 billion in lower than two hours after OM plunged 90%, sparking rug-pull fears.
The Mantra crew denied any involvement.
“Immediately’s exercise was triggered by reckless liquidations, not something to do with the mission,” Mantra posted on its official X account on April 13. “One factor we need to be clear on: this was not our crew.”
Mantra Crypto Crash Erases $4.5 Billion In Market Cap
The Mantra token noticed its market cap drop from over $5 billion to round $500 million in lower than 2 hours.
It has since recovered barely to a market cap of about $761 million, knowledge from CoinMarketCap exhibits.
The crypto’s value is, nonetheless, nonetheless down over 87% on the every day timeframe to commerce at $0.7902 as of 1:14 a.m. EST.
On-chain analytics platform Lookonchain stated in an X submit as we speak that previous to the Mantra token crash, not less than 17 wallets deposited 43.6 OM tokens, valued at $227 million on the time, into exchanges. This quantity totaled 4.3% of the altcoin’s circulating provide.
Who dropped the worth of $OM?
Earlier than the $OM crash(since Apr 7), not less than 17 wallets deposited 43.6M $OM($227M on the time) into exchanges, 4.5% of the circulating provide.
In line with Arkham’s tag, 2 of those addresses are linked to Laser Digital.
Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO
— Lookonchain (@lookonchain) April 14, 2025
Lookonchain cited Arkham Intelligence knowledge and added that 2 of the addresses belonged to Laser Digital, a strategic investor within the layer-1 blockchain mission.
Mantra Neighborhood Lead Denies Rug-Pull Allegations
The sudden drop in value has ignited rumors that the Mantra token crew is behind the promoting exercise.
A message posted by $OM (MANTRA) group lead Dustin McDaniel downplayed allegations that the MANTRA crew offered. 🤔 pic.twitter.com/Jq7QfmSfPr
— Satoshi Membership (@esatoshiclub) April 13, 2025
An investor stated within the mission’s Telegram group that the “crew rugged” and that “it’s over.” Neighborhood lead Dustin McDaniel replied to the message and denied that the crew was behind the promoting exercise.
He added that the crew is predicated in Hong Kong and that it was 3:00 a.m. within the morning when the exercise occurred.
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