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3w ago

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.

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OM/USD chart (TradingView)
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Over 122,790 holders presently hold the OM token, CoinMarketCap shows

Overview

  • 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.