The price of the cryptocurrency Mantra (OM) plummeted nearly 90% in just two hours on April 13, without any obvious external triggers. Liquidations in the futures markets exceeded $50 million, causing significant concern within the community.
This is reported by Finway
The development team blamed exchanges for improperly liquidating large positions, which led to such a sharp decline. Users, in turn, have expressed suspicions about a possible token dump by insiders and venture investors.
The OM token, which previously ranked among the top 25 digital assets by market capitalization, is now facing criticism. Users have begun to compare this situation to the collapse of the Terra (LUNA) ecosystem, where the drop in value was also a result of organized manipulation. Analysts believe that insider trading may have played a key role in this crash.
“The situation surrounding OM raises many questions. It is important to understand what really happened,” said representatives of the team.
The editorial team at Incrypted continues to monitor the developments and analyze how this incident may impact the industry as a whole.