A historical drop occurred in the crypto market once again. Mantra (OM), which is among the top 20 projects, plummeted over 90% within a few hours. The market cap of OM shrunk from $6 billion to $650 million.

Crypto investors witnessed a historic crash last night. Mantra (OM), one of the top 20 crypto assets, experienced a drop of over 90% within a few hours. While trading around $6.30 when the crash began, OM dropped to $0.37. After some recovery, OM is currently trading at $0.80. The market value of the crypto also plummeted from $6.12 billion to $650 million. In other words, over $5 billion of OM’s value was wiped out within a few hours. OM had surged over 400% in 2024, making it one of the biggest winners in the market. WHY DID MANTRA (OM) FALL? The events in Mantra were marked as one of the biggest drops in the crypto market.

The source of the events in OM, one of the largest projects in the real-world assets (RWA) sector, is still unknown.

Among the allegations circulating on social media is the claim that the founding team sold off their assets. It was alleged that the founders sold their assets over-the-counter (OTC) markets and abandoned the project, including the Telegram group. It was also claimed that a wallet holding a large amount of OM tokens could have been subject to a cyberattack. BLAMING CRYPTO EXCHANGES ON MANTRA Mullin, co-founder of Mantra, stated that the project’s Telegram group is still active and the team has not conducted any token sales. Mullin said in a post, “We are here and not going anywhere.” Mullin blamed the exchanges for what happened in Mantra, claiming that the crash was triggered by reckless liquidations and also alleged that the exchanges closed OM positions. OKX did not hesitate to respond to these claims. OKX founder Star Xu denied the accusations by stating that the data of exchanges is public. WHAT IS MANTRA (OM)?

Mantra is a Layer-1 blockchain project operating in the decentralized finance (DeFi) space, focusing on the tokenization of real-world assets (RWA). OM token allows trading of physical assets like real estate, artwork, and commodities in digital token form.

Additionally, OM can be used for lending, borrowing, and other DeFi features.