$4.5 Billion Wiped Out After 90% Plunge

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Mantra Crypto Crash Erases $4.5 Billion In Market Cap Mantra Group Lead Denies Rug-Pull Allegations Associated Articles:

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The Mantra crypto crash worn out over $4.5 billion in lower than two hours after OM plunged 90%, sparking rug-pull fears.

The Mantra group denied any involvement.

“As we speak’s exercise was triggered by reckless liquidations, not something to do with the undertaking,” Mantra posted on its official X account on April 13. “One factor we need to be clear on: this was not our group.”

.5 Billion Wiped Out After 90% Plunge

Mantra Crypto Crash Erases $4.5 Billion In Market Cap

The Mantra token noticed its market cap drop from over $5 billion to round $500 million in lower than 2 hours.

It has since recovered barely to a market cap of about $761 million, information from CoinMarketCap exhibits.

The crypto’s worth is, nonetheless, nonetheless down over 87% on the each day timeframe to commerce at $0.7902 as of 1:14 a.m. EST.

On-chain analytics platform Lookonchain mentioned in an X submit as we speak that previous to the Mantra token crash, not less than 17 wallets deposited 43.6 OM tokens, valued at $227 million on the time, into exchanges. This quantity totaled 4.3% of the altcoin’s circulating provide.

Who dropped the value of $OM?
Earlier than the $OM crash(since Apr 7), not less than 17 wallets deposited 43.6M $OM($227M on the time) into exchanges, 4.5% of the circulating provide.
In keeping with Arkham’s tag, 2 of those addresses are linked to Laser Digital.
Laser Digital is a strategic… pic.twitter.com/zB8yAPRPSO
— Lookonchain (@lookonchain) April 14, 2025

Lookonchain cited Arkham Intelligence information and added that 2 of the addresses belonged to Laser Digital, a strategic investor within the layer-1 blockchain undertaking.

Mantra Group Lead Denies Rug-Pull Allegations

The sudden drop in worth has ignited rumors that the Mantra token group is behind the promoting exercise.

A message posted by $OM (MANTRA) group lead Dustin McDaniel downplayed allegations that the MANTRA group offered. 🤔 pic.twitter.com/Jq7QfmSfPr
— Satoshi Membership (@esatoshiclub) April 13, 2025

An investor mentioned within the undertaking’s Telegram group that the “group rugged” and that “it’s over.” Group lead Dustin McDaniel replied to the message and denied that the group was behind the promoting exercise.

He added that the group relies in Hong Kong and that it was 3:00 a.m. within the morning when the exercise occurred.