One scarcely anticipates the instantaneous obliteration of multi-billion dollar empires, all crumpling like the finest origami at the first hint of rain. Yet, here we are, witnessing the spectacular tragicomedy of Mantra (OM). What was once hailed as the veritable jewel of RWA crypto projects in 2025 has now plunged into the abyss, losing a staggering 90% of its worth faster than you can say “liquidation.”
In a display of market might, the OM price took a nosedive from over $6 to a modest below $1, whilst liquidations galloped past an astonishing $70 million—because who doesn’t enjoy a good freefall once in a while? 🤷♂️
In a desperate bid for clarity, JP Mullin, the co-founder and CEO of this beleaguered protocol, stepped forth. His eloquence capturing the essence of chaos:
“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice.”
“Dear Sherpas, OMies, and the illustrious crypto community,”
“First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community. Truly, it warms the cockles of our hearts!”
“We have determined that…”
— JP Mullin (End of World Specialist) 🥴 (@jp_mullin888) April 13, 2025
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2025-04-14 07:53