OM Token Tumble! A Hilariously Absurd Crypto Catastrophe Unfolds 🤣

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On a fateful April 13th—a day which started as cheerily as any other—the MANTRA (OM) token suffered a most undignified plunge, nosediving over 90% in less time than it takes to sip a toddy, and vanishing more than $5.5 billion in market cap as if it were a forgotten umbrella on a rainy day.

The crash, which witnessed OM falling from a lofty $6.33 straight to a pauper’s $0.50 (or less), has been compared to the notorious Terra LUNA debacle. Hundreds, nay, thousands of hapless investors found themselves in a state of befuddled disbelief—much like Bertie Wooster when faced with an overly complicated contraption—with fortunes evaporating into the ether. 🤦‍♂️

Why did MANTRA (OM) Crash?

Whispers in the crypto corridors suggest that the calamity was precipitated by a voluminous token deposit linked to a wallet curiously connected to the MANTRA team. On-chain evidence revealed that 3.9 million OM tokens were merrily deposited to OKX, setting off alarm bells louder than Aunt Agatha’s tea kettle. ☕

Given that the MANTRA team is said to command nearly 90% of the token’s total supply, one might well suspect a spot of internal mischief, akin to a mischievous game of pass-the-parcel, with a side order of price manipulation. 😏

The OM community has long harbored concerns regarding transparency—much like a certain irreverent chap might mistrust an umbrella in a downpour. Rumors have swirled over the past year of the team fiddling about with market makers, tweaking tokenomics with the flair of an amateur stage magician, and perpetually postponing a community airdrop (one begins to wonder if it was lost in the mail).

When the OKX deposit was spotted, fears of an impending insider sell-off escalated to almost farcical levels—a veritable prelude to a sell-out worthy of a Wodehouse farce. 🤨

Word has it that MANTRA may have even dabbled in discreet over-the-counter deals, offloading tokens at prices so steeply discounted (up to 50% below market value) that one could almost admire the sheer chutzpah.

As OM’s price careened downward, these OTC investors found themselves in a pickle, precipitating a mad scramble reminiscent of a dash to the biscuit barrel. Stop-loss orders were tripped, leveraged positions liquidated, and the chaos frothed like a well-shaken cocktail, compounding the collapse in a manner both tragic and absurd.

Dear @MANTRA_Chain @_RichardTeng @cz_binance

I invested $3,500,000 into your RWA token, $OM. That investment is now worth barely $200,000, a drop of over 90%.

My intention was to support the future of RWAs. I conducted thorough due diligence, and the supposed partnership with…

— JB (@Jeetburner) April 13, 2025

The MANTRA team, ever the stoics, have denied any notion of a rug pull, maintaining that their good people did not instigate the sell-off, though one is tempted to suspect some internal tomfoolery.

In a public statement, co-founder John Patrick Mullin expressed his commitment to uncovering the truth behind the pandemonium, promising an investigation as thorough as a butler’s scrutiny of a misplaced set of silverware.

The project’s official Telegram channel was rendered inaccessible during the tumult—certainly not the sort of social call one wishes to decline!

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” wrote MANTRA founder JP Mullin.

Should OM fail to stage a comeback, we might be witnessing one of the grandest collapses in crypto history since the ill-fated Terra LUNA fiasco of 2022. Thousands of exasperated holders are now clamoring, with no small measure of indignation, for some transparency and accountability, while the wider crypto community watches with a mix of horror and amused disbelief.

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2025-04-14 04:23