MANTRA, the Real-world backed token (OM), has sharply dropped by 95% within a few hours. The price dipped from $6.17 to just $0.42, completely removing more than 6 billion in market cap. Most of the shareholders lost a significant portion of their funds, even their hard-earned savings. So, what will be the next move for Mantra (OM) holders? & Here’s what the Mantra team has declared for their holders.
Investors Lost Millions In Mantra $OM Crash
Only three days before the plunge, a group of big OM holders transferred over 14 million OM tokens, valued at about $91 million, to the OKX exchange. This same group bought more than 84 million OM tokens on Binance in March.
At the same time, after the crash, their investments are now valued at only $62.2 million, resulting in a loss of more than $400 million.
On the other hand, this was not only the experience of a single investor who lost millions; other solo investors have also revealed their suffering.
Over the past 4 days, 19 fresh wallets have withdrawn 61.52M $OM from Binance, at an average price of $6.82. Their current unrealized loss is valued at $14.2 M.
One investor mentioned they invested $3.5 million in OM, which currently holds a value below $200,000. One more trader mentioned they lost $800,000 and believed that they were cheated by the project.
How the Crash Occurred?
Mantra co-founder JP Mullin said the token crash happened because centralized exchanges (CEXs) sold a big holder’s tokens, which caused people to panic and sell. He also made it clear that the Mantra team was not associated with this crash, and their tokens are still secured and observable on the blockchain.
He said that the exchange could have sold the tokens when there was not much trading, which made the situation difficult.
Even though he did not mention the exchange by name, the founder of OKX replied and promised to give a report to explain everything.
What’s Ahead For Mantra (OM) Holders?
The Mantra official team has declared that they will organize a community talk on X to converse about the condition and respond to the questions.
In the meantime, holders are urged to stay cautious and avoid scam links or fake accounts acting like they are from Mantra. Only trusted sources will share official updates.
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