OM Token Crashes 90% as MANTRA Cites Reckless Liquidations by Exchanges

The sudden selloff wiped out billions in market value, with forced liquidations and unusual wallet activity raising questions about market practices and regulatory oversight.

MANTRA's OM token plummeted from nearly $6 to $0.4 within an hour on Sunday, erasing billions in market capitalization before a slight recovery to $0.8.
The crash was attributed to 'reckless liquidations' by centralized exchanges, which closed leveraged positions without sufficient warnings or margin calls.
Over $68 million in liquidations occurred within 24 hours, including $50 million in OM futures, as market instability deepened.
At least 17 wallets, including two linked to strategic investor Laser Digital, deposited large amounts of OM tokens into exchanges before the crash, suggesting potential market positioning.
The incident has heightened scrutiny of tokenized real-world assets, with calls for stronger safeguards, transparency, and regulatory measures in the digital asset sector.