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Crypto Shenanigans: The High Drama of MANTRA DAO’s Wild Ride!

BBG News

Ah, 2021! A year when the world saw the birth of MANTRA DAO (OM) on Binance’s illustrious Innovation Zone. Fast forward to 2025, and voilà! It’s back in the limelight—but not for the reasons that would make one’s mother proud. No, indeed, this is not the sort of attention that wins one a pat on the back, but more likely a collective facepalm.

After plummeting faster than a cat thrown from a tall building—over 90%, if you must know—the project finds itself neck-deep in fresh allegations of fraud. One must wonder whether the fine folks at MANTRA DAO possess any self-awareness at all, as the same doubts that once loomed large are now resurrected, akin to a particularly obstinate zombie.

It was March 8, 2021, when Binance took the plunge and introduced a trio of trading pairs: OM/BTC, OM/BUSD, and OM/USDT. The result? An opportunity for traders to dabble in what could only be described as an ‘exhilarating’ experience in high-risk assets, all under the guise of “the Innovation Zone”—a clever euphemism for “cross your fingers and hope for the best.” The catch? The listing fee was a grand total of 0 BNB. Quite the bargain, wouldn’t you agree?

Describing itself grandiosely as a community-run DeFi project, MANTRA DAO claimed to be focused on staking, lending, and the vague allure of cross-chain tools. Starting its life on Ethereum, it had dreams of expanding to Binance Smart Chain, Polygon, and Polkadot—an ambitious little venture indeed! And the native token, OM, was touted for various grand exploits like governance and staking. The stuff dreams are made of!

Yet, roll back to 2021, and the project made headlines not for its innovative prowess but for ruffling feathers. A certain Chinese crypto reporter by the name of Wu Blockchain boldly declared that Binance had listed a “fraud project.” Outrage echoed in the corridors of the Chinese crypto community, much like a bad punchline at a dinner party.

Not one to shy away from controversy, Wu fingered the project’s founder for alleged links to online gambling and pointed out the questionable ICO histories of its assorted team members. Talk about a rotten apple spoiling the barrel!

Now, in 2025, one might be forgiven for thinking we had merely stepped into a time loop. With OM’s latest price plunge, suspicions about MANTRA DAO’s legitimacy are bubbling up like an overzealous pot of porridge. Wu Blockchain, ever the flag-waver of caution, tweeted anew: “WuBlockchain warned of MANTRA DAO in 2021. It’s a colorful ensemble of members from the online gambling site 21Pink! OM once boasted of FTX backing, only to be soundly denied by FTX later.”

On social media, the blame game is on in full swing, with users unequivocally pointing fingers at Binance, accusing the exchange of granting a dubious seal of authenticity simply by virtue of listing the project.

And thus, the saga continues. What will happen next? Stay tuned, or duck for cover—it’s bound to be a bumpy ride!

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2025-04-14 14:30

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