Altcoins News
By MikeT
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Suspicious Timing and On-Chain Movements. The red flags were there. Just hours before the crash, OM co-founder Mullin posted a cryptic…
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Broken Promises and Community Frustration. Investor confidence had already been eroding due to controversial airdrop restrictions, delayed…
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Blame, Denial, and Confusion. Both Laser Digital and Shorooq Investors denied involvement in the mass token sales, instead…
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Was It a Rug Pull?. As rumors of a rug pull gained steam, comparisons to the LUNA and FTX collapses began circulating.
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Regulatory Scrutiny and Exchange Warnings. The damage, however, had already been done. Major exchanges like HTX, Poloniex, and Binance have…
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No Signs of Recovery. While OM briefly rebounded to trade between $0.65 and $0.
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The OM token, the native asset of the MANTRA ecosystem, plummeted by 93% within just 30 minutes on April 13, 2025, wiping out more than $6 billion in market capitalization.
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At around 6:00 PM UTC, OM’s price nosedived from $6.70 to $0.37, triggering mass liquidations, panic selling, and chaos across multiple exchanges.
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The red flags were there. Just hours before the crash, OM co-founder Mullin posted a cryptic message on X (formerly Twitter): “No wifi, will be offline for a bit.
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Even more troubling was the discovery that 3.9 million OM tokens had been transferred to OKX just a day before the crash.
11 / 15
Data shows that $66.97 million in forced liquidations occurred in just 12 hours. While large liquidations can shake a market, many believe the issue runs deeper—especially given…
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Investor confidence had already been eroding due to controversial airdrop restrictions, delayed releases, and changing token unlock policies.
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These shifting terms left many investors trapped with little liquidity, further stoking frustration.
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To make matters worse, in the days before the crash, 17 wallets offloaded 43.6 million OM, worth approximately $227 million, onto exchanges—representing 4.5% of the total supply.
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Both Laser Digital and Shorooq Investors denied involvement in the mass token sales, instead pointing to forced liquidations as the primary cause of the collapse.
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