OM Token Tanks 90%—Mantra Slams CEX Actions, Shoots Down Rug Pull Talk

On April 13, the token’s value fell from around $6.30 to under $0.50, wiping out more than 90% of its market cap, which had reached about $6 billion.

Mantra’s co-founder, John Mullin, said in an April 14 post on X that the drop was not due to typical market movement but instead came from exchanges closing user positions without warning.

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He described the actions as "reckless" and said they likely happened during a low-trading period—Sunday evening in UTC, which is early Monday in Asia. Mullin suggested this timing raised questions about how the exchanges handled the event.

Mullin said they suspect one exchange, in particular, may be responsible. He confirmed that it was not Binance $6.71B but did not name the platform.

Some traders said that Mantra might have used OM tokens to secure a large loan, which was liquidated when risk rules changed. Others have speculated that the price drop was a coordinated exit or "rug pull".

Mullin rejected these claims, saying no loan was taken and the team had not removed any funds. He also noted that all team-held tokens were still locked according to the project’s release plan and that wallet activity remains open for review.

Meanwhile, an Ethereum ETH $1,584.76 holder lost a large amount of funds after a price drop triggered an automatic liquidation on the lending platform Sky. What did Lookonchain, a blockchain analytics platform, say about it? Read the full story.