Be a part of Our Telegram channel to remain updated on breaking information protection
The Mantra crypto crash worn out over $4.5 billion in lower than two hours after OM plunged 90%, sparking rug-pull fears.
The Mantra workforce denied any involvement.
“Immediately’s exercise was triggered by reckless liquidations, not something to do with the challenge,” Mantra posted on its official X account on April 13. “One factor we wish to be clear on: this was not our workforce.”
Mantra Crypto Crash Erases $4.5 Billion In Market Cap
The Mantra token noticed its market cap drop from over $5 billion to round $500 million in lower than 2 hours.
It has since recovered barely to a market cap of about $761 million, knowledge from CoinMarketCap reveals.
The crypto’s value is, nonetheless, nonetheless down over 87% on the each day time-frame to commerce at $0.7902 as of 1:14 a.m. EST.
On-chain analytics platform Lookonchain stated in an X submit right this moment that previous to the Mantra token crash, a minimum of 17 wallets deposited 43.6 OM tokens, valued at $227 million on the time, into exchanges. This quantity totaled 4.3% of the altcoin’s circulating provide.
Who dropped the worth of $OM?
Earlier than the $OM crash(since Apr 7), a minimum of 17 wallets deposited 43.6M $OM($227M on the time) into exchanges, 4.5% of the circulating provide.
Based on Arkham’s tag, 2 of those addresses are linked to Laser Digital.
Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO
— Lookonchain (@lookonchain) April 14, 2025
Lookonchain cited Arkham Intelligence knowledge and added that 2 of the addresses belonged to Laser Digital, a strategic investor within the layer-1 blockchain challenge.
Mantra Group Lead Denies Rug-Pull Allegations
The sudden drop in value has ignited rumors that the Mantra token workforce is behind the promoting exercise.
A message posted by $OM (MANTRA) neighborhood lead Dustin McDaniel downplayed allegations that the MANTRA workforce offered. 🤔 pic.twitter.com/Jq7QfmSfPr
— Satoshi Membership (@esatoshiclub) April 13, 2025
An investor stated within the challenge’s Telegram group that the “workforce rugged” and that “it’s over.” Group lead Dustin McDaniel replied to the message and denied that the workforce was behind the promoting exercise.
He added that the workforce relies in Hong Kong and that it was 3:00 a.m. within the morning when the exercise occurred.
Associated Articles:
Greatest Pockets – Diversify Your Crypto Portfolio
- Simple to Use, Characteristic-Pushed Crypto Pockets
- Get Early Entry to Upcoming Token ICOs
- Multi-Chain, Multi-Pockets, Non-Custodial
- Now On App Retailer, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Month-to-month Energetic Customers
Be a part of Our Telegram channel to remain updated on breaking information protection