
Venga
@venga
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💥 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. 💔 0 reply
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