- Mantra (OM) crashed over 90% in 24 hours, wiping out $6B in market cap, with some merchants calling it the largest collapse since LUNA.
- The crew denies it was a rug pull, blaming “reckless liquidations,” whereas co-founder JP Mullin insists the mission continues to be lively and tokens stay in custody.
- The crash comes regardless of current high-profile strikes, together with a $1B tokenization deal within the UAE and a regulatory license from Dubai’s VARA.
The value of Mantra (OM)—as soon as seen as a rising star within the real-world asset tokenization house—crashed by greater than 90% in simply 24 hours, sparking panic and confusion throughout the crypto neighborhood. Some merchants are already calling it essentially the most brutal collapse because the LUNA debacle.
On April 13, OM plummeted from round $6.30 to underneath $0.50, wiping out over $6 billion in market cap virtually in a single day.
Was It a Rug Pull or One thing Else?
Naturally, folks began throwing across the time period “rug pull” inside hours of the crash. One market participant, merely going by Gordon, didn’t mince phrases:
“The crew wants to handle this or OM seems to be prefer it might head to zero. Largest rug pull since LUNA/FTX?”
However at this level? It’s not clear what induced the collapse. No official rationalization has been supplied. Cointelegraph reached out to Mantra for a remark however hadn’t acquired a reply by the point this was printed. So yeah—a number of questions, zero solutions (for now).
The timing couldn’t be worse. The OM crash comes on the heels of a string of high-profile disasters in 2025—just like the Libra memecoin implosion, and naturally, that $1.4 billion Bybit hack. Not an amazing search for crypto proper now.
The Workforce Responds… Variety Of
In a submit on X (previously Twitter), Mantra co-founder JP Mullin responded, saying the mission hasn’t gone anyplace and that the crew’s tokens are nonetheless in custody. He even posted a verification tackle to again it up.
“We’re right here and never going anyplace,” Mullin wrote.
“Telegram group’s nonetheless reside. We’re not hiding.”
Later, the Mantra crew adopted up, claiming the OM value crash was brought on by “reckless liquidations”—and never something shady on their half.
However let’s be actual: the optics aren’t nice. The crash occurred quick. The silence was loud. And the crypto crowd is understandably skeptical, particularly after so many “we’re nonetheless right here” posts from different groups that later… weren’t.
Huge Partnerships, Greater Plans, and a Brutal Setback
Just some months in the past, Mantra gave the impression to be on the up and up. In January 2025, they introduced a $1 billion tokenization deal with UAE-based conglomerate DAMAC—protecting all the pieces from actual property to information facilities. The thought? Deliver real-world belongings onto the blockchain and open new channels for funding.
By February, Mantra had secured a Digital Asset Service Supplier license from VARA, Dubai’s regulatory authority for digital belongings. That gave them the inexperienced mild to supply broker-dealer providers, crypto exchanges, and even funding recommendation within the UAE.
All of it seemed promising. Tokenized actual property was (and nonetheless is) a sizzling matter. Buyers love the concept of quicker settlements, decrease charges, and international entry to bodily belongings. However with the OM token now in free fall, these huge goals simply hit a brick wall.