"The Worst Crash Since Luna·Terra"…MANTRA(OM) Drops 90% Intraday

Uk Jin

Summary

MANTRA(OM) plummeted over 90% intraday, causing its market capitalization to drop from $6 billion to $500 million.
Some have raised suspicions of a rug pull by the MANTRA team, but the team attributed it to indiscriminate liquidation.
ZachXBT questioned the team's explanation, stating it was not due to a massive unlock.

The altcoin MANTRA(OM) has plummeted over 90% intraday, raising concerns in the market.

As of 6:40 AM on the 14th (KST), MANTRA is trading at $0.95 on Binance, down 85% from the previous day. At one point during the day, MANTRA plunged 93% to $0.37 but has since partially recovered.

Due to this decline, MANTRA's market capitalization, which was $6 billion, has fallen to $500 million.

Some speculate that the MANTRA team might be involved in a rug pull (an act where the project team sells off large amounts of tokens to seize investment funds).

ZachXBT, a well-known crypto detective, expressed on X (formerly Twitter), "I wonder if a whale wallet holding MANTRA was hacked or if there was an exploit. One thing is clear: the reason for this drop is not a massive unlock."

As the controversy arose, the MANTRA team quickly responded. Through their official X, they stated, "Today's decline is unrelated to the project team," and "It is speculated to be caused by indiscriminate liquidation."

However, ZachXBT publicly criticized the MANTRA team, questioning, "How can there be a drop of over 90% in just one candle?"