crypto

💥 The Crypto crash of the year!

This week’s crypto drama starred $OM, Mantra's token, which tanked over 90% in about 1 hour. Yeah, it was brutal!

So what actually happened? 👇

According to Mantra, the crash was caused by “reckless liquidations.” A whale on a centralized exchange got liquidated, which triggered a domino effect during low-liquidity Sunday hours (a.k.a. the perfect storm).

John Patrick Mullin, Mantra's co-founder, says CEXs acted without warning, dumping the market into chaos.

Some wallets started moving tens of millions in $OM to exchanges like Binance and OKX right before the crash. That made things even spicier.

MANTRA publicly denied insider sales, promised a buyback & burn plan (Mullin said he’ll even burn his own tokens to prove commitment) and announced a post-mortem.

Bottom line: It’s messy. 
No confirmed rug or malicious actors (yet), but it’s a classic mix of poor risk controls, exchange mechanics, and bad timing.

If you were holding $OM… we feel you. 💔