MANTRA (OM) token losses 98% of value, wipes $6 billion from market cap in minutes

Real-world asset token MANTRA (OM) lost 98% of its value today, and more than $6 billion vanished from its market cap in under 60 minutes, per data from CoinMarketCap.

The crash took OM from nearly $6 to just $0.57 before most people even realized what was going on. By the time the charts finished updating, the project’s valuation had dropped from $6.09 billion to $699 million. The crash happened so fast, traders couldn’t exit in time.

Posts on X started pouring in within minutes. One after another, people blamed what they called the “Kabal team”, accusing them of dumping a huge chunk of the supply all at once. No one’s named names yet, but most tweets linked the Kabal team to people inside the MANTRA project. They’re being accused of holding a massive portion of tokens and pulling the plug without warning. One user on X wrote, “The Kabal team just rugged everyone. Project is dead.”

Another said, “Like I said, $OM (Mantra) is one of the biggest scams I have ever seen in crypto. They controlled the supply and manipulated the price so they could dump their tokens OTC.  Pure market manipulation. The team belongs in prison after this. Glad my followers stayed away from it.”

Smart wallets dumped before price collapse

According to data from Arkham, the address 0x63…4Ff2, which belongs to the Mantra DAO project team, transferred and burned 21.229 million OM (~$132m) to a Dead Address on April 2nd. To date, a total of 84.019 million OM have been burned, with a total burn value reaching $524 million.

The chart’s been ugly ever since. On February 24, OM was worth $9 with a total market value of over $560 million.

Long before the crash, some in the crypto community had raised flags about supply inflation, and a proposal voting system that let the team control the outcome. Those warnings went ignored. The foundation was shaky, and today it all collapsed.

During the chaos, the official MANTRA Telegram group closed its gates to new users. Screenshots show dozens of users trying to join, but access was blocked. Members inside were asking for answers, but moderators said nothing.

The project’s CEO, John Patrick Mullin (JP), didn’t respond either. John is listed in the official Telegram group but said nothing during the crash. One user wrote in the chat, “JP is on a plane right now. Just saw him at Paris Blockchain Week. He likely doesn’t even know yet.”

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