Mantra says one particular exchange may have caused OM collapse

Blockchain analytics platform Lookonchain says at least 17 wallets deposited 43.6 million OM into crypto exchanges starting April 7, representing 4.5% of the circulating supply.

The team behind real-world tokenized asset blockchain Mantra says its native token’s sudden 90% plunge was caused by exchanges forcibly closing positions without notice, with one currently unnamed exchange potentially to blame. 

On April 13, Mantra (OM) price dropped from $6.30 to below $0.50, rapidly shedding over 90% of its $6 billion market cap.

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mantra co-founder John Mullin wrote in an April 13 statement on X.

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