From Cointelegraph.

April 13, 2025 3:47:00 pm:

The Mantra (OM) token price has plummeted by over 90% in the past 24 hours, dropping from $6.3 to below $0.50, resulting in a $6 billion market cap loss. Traders suspect a rug pull, with concerns about the token heading to zero. The exact cause of the collapse remains unclear, despite inquiries to the Mantra team. The incident adds to a series of high-profile token collapses and cybersecurity breaches in early 2025, including the Libra memecoin crash and the $1.4 billion Bybit hack. Mantra recently partnered with DAMAC to tokenize the investment conglomerate’s $1 billion in assets, securing a virtual asset service provider license in Dubai to operate in the UAE. The expansion was driven by demand for tokenized real estate investments and innovative funding solutions. Investors are turning to blockchain for its efficiency, reduced costs, and cross-border capabilities in securing investments and capital formation.

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