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As signs of recovery emerge in the cryptocurrency market, the token known as Mantra (OM), regarded as the strongest “Real World Assets” (RWA) coin, has shocked investors by dropping more than 90% since the end of the week. The price of OM plummeted from around $6 to as low as $0.43, with trading volume skyrocketing from below $100 million to over $2 billion. This sharp drop is perceived as a precursor to a scandal reminiscent of the Terra-LUNA collapse.
Panic Wave from Sudden Sales of OM Coin
The decline in Mantra’s value began when a wallet allegedly connected to the team transferred 3.9 million OM coins to the OKX exchange. This transaction revived allegations that insiders control 90% of the coin’s supply. Consequently, the altcoin‘s price rapidly fell from $6 to $0.48 amid panic, leading to the evaporation of approximately $6 billion in market value.
The fallout did not stop there. A month prior, the platform blacklisted over 50 wallets, claiming they were “bots,” which significantly undermined investor confidence. According to rumors, some insiders conducted OTC (over-the-counter) sales of coins at a 50% discount, triggering stop-loss orders and liquidations that led to a cascading crash.
Allegations of Manipulation Against Mantra
Since the third quarter of 2023, OM coin has increased over 200 times in value, with claims suggesting that this surge is not based on solid fundamentals but largely on market manipulation. Allegations include arbitrary changes to the altcoin’s tokenomics, where 90% of the supply is held internally, delayed community AirDrops, and the artificial inflation of prices supported by tier-1 market makers.
The weekend saw a sale of 4 million OM coins in a low liquidity environment, dragging prices below $3 and inflicting losses on OTC buyers. Liquidations occurred in succession as market makers and large investors lined up to sell. Notably, it was observed that the second largest OM wallet also transferred significant amounts of coins to exchanges.
All these developments indicate that investors have been intentionally trapped in a “rug pull,” a premeditated scheme to drain resources. This incident bears similarities to the collapses of Terra and FTX, causing serious damage to investor trust. As those responsible for past debacles face legal repercussions, it seems likely that the founders of Mantra may also find themselves involved in legal proceedings.
