Why Did Mantra Crash? Team Allegedly Dumps 90% of Token Supply
In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58. The crash wiped out an estimated $3.5-4.5 billion in market capitalization, sending shockwaves throughout the cryptocurrency community.
OM Mantra Price in the past 24 hours – TradingView
The dramatic downturn appears to be triggered by allegations that the project team behind Mantra dumped their entire token allocation, representing approximately 90% of the total circulating supply. Multiple sources on social media claim the team has also deleted Mantra’s official Telegram group, effectively cutting off communication with investors during the crisis.
OM Price Crash Prompts Fraud Allegations
Critics are characterizing the Mantra crash as one of the most significant cryptocurrency scandals in recent memory. Some market observers have gone as far as labeling it “one of the biggest scams” in crypto, with allegations of deliberate market manipulation.
Social media reports suggest the team controlled the supply and manipulated prices to facilitate over-the-counter (OTC) dumping of their tokens. Some community members are calling for legal action, suggesting the team “belongs in prison” following these events.
Why is OM Mantra Down? Investors Seek Answers
The spectacular collapse occurred in under an hour according to some accounts, leaving investors with little time to react. Social media platforms are now flooded with shocked reactions as holders attempt to understand the full extent of their losses.
The incident has drawn comparisons to previous cryptocurrency collapses, with some referring to it as “Terra Luna V.2” – referencing another notorious crypto crash that similarly destroyed billions in investor value.
As of this report, there has been no official statement from the Mantra team addressing these allegations. The cryptocurrency, which had been seeing positive momentum in recent weeks, now faces an uncertain future as trust in the project appears fundamentally broken.
Investors who have suffered losses are advised to document their holdings and transactions as the situation continues to develop.
