MANTRA Chain, a blockchain platform designed for launching decentralized applications, halted operations after experiencing what the team called an unexplained incident, as its native OM token dropped sharply to a record low. The network’s block production ceased abruptly, prompting emergency measures and leaving users and exchanges temporarily unable to move assets.
18% token drop triggers emergency halt
OM, the utility token for MANTRA’s ecosystem, slid 18.5% from its 24-hour high, falling from $0.005060 to an all-time low of $0.004126 around 11:00 pm UTC, based on data provided by CoinGecko. Shortly after reaching this low, the token price partially recovered to approximately $0.0044. Over the same period, OM’s trading volume increased nearly 600%, reaching $24 million. Despite the partial price correction, the token remained down around 10% for the day.
The significant volatility, coupled with a sharp uptick in transactions, raised concerns among market participants and led to increased scrutiny from both the MANTRA team and affected exchanges.
MANTRA’s team publicly acknowledged, “We are aware of an incident affecting MANTRA Chain. The network has been halted as a precaution while the matter is investigated. We don’t have a root cause or timeline to share yet,” and confirmed that all transaction endpoints had been frozen to protect user assets.
The project’s decision to stop the network also forced certain exchanges to suspend deposit and withdrawal services related to the OM token. They have not provided a timeline for resuming operations.
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AAPLFull network outage, cause still unknown
MANTRA classified the disruption as a full network outage. According to its system status page, the incident affected public endpoints, validator activity, the migration of bridge assets, and relays operating under Inter-Blockchain Communication protocols managed by MANTRA. The team stated it would not bring the network back online until it could assure users of its safety.
The chain’s public RPC endpoint listed block 17,449,398, created at 11:13 pm UTC, as the latest valid block before the halt. MANTRA published its initial incident report at 11:44 pm, closely following the token’s price crash.
At this time, MANTRA has not confirmed whether the incident directly caused the price drop or if user assets were exposed to loss or risk.
Efforts to reach MANTRA for further details have not yielded additional information.
Mini dictionary: Inter-Blockchain Communication (IBC) is a protocol that enables interoperability and secure data transfers between different blockchains, allowing asset and information exchange across independent networks.
Recent challenges and acquisition plans
This latest disruption comes less than a year after a major collapse in the value of MANTRA’s prior OM token. In April 2025, OM lost more than 90% of its value, plummeting from about $6.30 to under $0.50 and wiping out more than $5 billion in market capitalization.
In June, Inveniam Capital Partners, a US-based fintech firm specializing in digital asset infrastructure, announced plans to acquire MANTRA after investing $20 million in the project earlier in 2025. The acquisition was set against a backdrop of layoffs and restructuring implemented in January, as CEO John Patrick Mullin described 2025 as the project’s most challenging period to date.
The MANTRA team has yet to identify the cause of the ongoing outage or give details on when network operations might resume.
