Thomas Daniels
The Mantra (OM) token has experienced a dramatic collapse, shedding more than 90% of its value within a 24-hour window and igniting comparisons to the LUNA and FTX crises. Once trading at approximately $6.30, OM plummeted to under $0.50, wiping out over $6 billion in market capitalization.
This precipitous decline has raised alarms across the digital asset community, with traders citing potential malfeasance. Unverified reports circulating on social media allege that members of the project team liquidated substantial portions of the token’s supply. These actions, coupled with the disappearance of official communication channels—most notably the deletion of the project’s Telegram group—have fueled widespread suspicions of a coordinated “rug pull.”
Prominent market participants are demanding transparency. “The team needs to address this or OM looks like it could head to zero. Biggest rug pull since LUNA/FTX?” remarked one investor.
As of this writing, the Mantra development team has not released any official statement addressing the incident. The silence has only amplified investor uncertainty and speculation about the project’s integrity.
The fallout from OM’s collapse underscores the ongoing risks associated with emerging blockchain projects, particularly in the absence of regulatory oversight and transparent governance structures. Market participants are urged to exercise extreme caution and await further clarification from project officials.
