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The cryptocurrency markets continue to experience intriguing developments. While Bitcoin 
$94,524 prices remained relatively stable throughout the day, the same cannot be said for MANTRA, which has made numerous significant deals and announcements. The price of OM Coin plummeted unexpectedly, a rare occurrence for an altcoin with a market capitalization in the billions.
What Caused the Drop in OM Coin?
Mantra (OM) experienced a dramatic 80% drop due to the anonymous team’s departure from their positions. For any altcoin, one of the biggest issues is when the development and management team abandons the project. In such cases, promises about the future and the healthy progress of existing technology become impossible.
Within just an hour, the coin’s price fell by 70%, ultimately increasing its losses to 93%. When this article was being prepared, the price had dropped to $0.548 from over $6. The key support level at $5.74 was critical for cutting losses, but no one expected such a massive drop to occur so quickly.
The altcoin also lost its previous year’s level of $1.18, leaving uncertainty about how much further losses might escalate. Considering it found buyers at around $0.07 this year, the losses for OM Coin could potentially multiply.
Concerns Over OM Coin Hack
Prominent cryptocurrency detective ZachXBT has highlighted recent large wallet thefts. This massive sell-off may not solely be attributed to the team’s abandonment of the project. The combination of the team potentially being hacked or conducting major sales with investor panic likely created this chaotic situation.
ZachXBT stated:
“I wonder if several large wallets have been hacked or if there is any vulnerability (there have been thefts of several large OM holders recently). The fact that Mantra operates on a Cosmos network makes rapid analysis for large CEX deposits very challenging, as there are very few analytical tools available for IBC.”
“Everyone says this is due to unlockings, but these unlockings do not happen over just a few days.”
(Do not take any of this as fact; I’m just thinking out loud.)
