{"id":127309,"date":"2025-04-16T15:15:32","date_gmt":"2025-04-16T15:15:32","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127309"},"modified":"2025-04-16T15:15:32","modified_gmt":"2025-04-16T15:15:32","slug":"mantra-post-om-token-crash-statement-leaves-key-questions-unanswered","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127309","title":{"rendered":"Mantra post-OM token crash statement leaves key questions unanswered"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsTroubled decentralized finance (DeFi) platform Mantra released an official statement addressing the reasons for a 92% flash crash of its OM token on April 13.<br \/>\nAn April 16 announcement titled \u201cStatement of Events: 13 April 2025\u201d reiterates\u00a0that the crash did not involve\u00a0any token sales by the project itself, and the Mantra team remains fully functional and continues investigating the incident.<br \/>\nAlthough Mantra CEO John Mullin previously said that the team was preparing a post-mortem, the new statement offered few new details about the reasons behind the rapid movement of OM tokens to exchanges and the subsequent liquidation cascade.<br \/>\nLimited circulation of mainnet OM tokens<br \/>\nThe post also reiterated that there are two types of OM tokens, with one being Ethereum-based (ERC-20) and the other running on Mantra\u2019s mainnet.<br \/>\n\u201cThe incident almost exclusively involved ERC-20 OM, as ERC-20 OM represents virtually the entire liquid market,\u201d Mantra said in the statement.<br \/>\nLaunched in August 2020, the original ERC-20 OM token has a fixed supply of 888.8 million OM, with 99.9% of these tokens being in public circulation as of April 15.<br \/>\nHowever, Mantra mainnet OM tokens had only 77.5 million in circulation after the Mantra Chain minted an equivalent amount of OM in October 2024.<br \/>\nMantra\u2019s conclusions<br \/>\nAdditionally, the post mentions a divergence in OM spot prices on OKX and Binance. The discrepancy began around 6:00 pm UTC, around an hour before the OM token\u2019s crash, according to CoinGecko.<br \/>\nAmong its conclusions, Mantra stated that further information from its exchange partners will \u201cprovide more clarity on these events, adding:<br \/>\n\u201cWe invite our centralized exchanges partners to collaborate on providing more clarity on trading activities during this time.\u201d<br \/>\nThe Mantra team confirmed that it is preparing a support plan for OM that includes both a token buyback and a supply burn. No timeline for the rollout of this plan was provided.<br \/>\nRelated: Mantra CEO plans to burn team\u2019s tokens in bid to win community trust<br \/>\nAs previously reported by Cointelegraph, OKX CEO Star Xu called Mantra a \u201cbig scandal\u201d in a post published hours following the crash. Mantra CEO Mullin also said Binance is the biggest holder of the OM token, citing Etherscan records.<br \/>\nCointelegraph contacted the Mantra team for further comment on the April 16 statement but did not receive a response by publication time.<br \/>\nMagazine: Memecoins are ded \u2014 But Solana \u2018100x better\u2019 despite revenue plunge<a href=\"https:\/\/cointelegraph.com\/news\/mantra-post-crash-statement-key-questions-unanswered?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsTroubled decentralized finance (DeFi) platform Mantra released an official statement addressing the reasons for a 92% flash crash of its OM token on April 13. An April 16&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127309"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127309"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127309\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127309"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}