From Cointelegraph
April 14, 2025 02:10 AM:

The Mantra token saw a sudden 90% plunge, dropping from $6.30 to below $0.50, wiping out over 90% of its $6 billion market cap. The team attributes this crash to centralized exchanges forcibly closing positions without warning. They deny allegations of a rug pull or using tokens as collateral for a loan.

Following the collapse, the token briefly recovered above $1 but is now trading around $0.7894. Wallet addresses are visible, and the team maintains that their tokenomics remain intact. Millions of Mantra tokens were moved prior to the crash, resulting in significant losses for some whales.

Some traders speculate that the Mantra team used their tokens for a massive loan, leading to a margin call. However, the team denies these claims and asserts that their tokens remain locked and subject to vesting periods. Blockchain analytics platforms report significant movements of OM tokens in the days leading up to the crash.

Read more at Cointelegraph.: Mantra says one particular exchange may have caused OM collapse