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Preface
MANTRA (OM) Flash Crash 90% Incident: Crash, Liquidation, and Team Response
Event Overview
Flash Crash: RWA Sector Project MANTRA (OM) suddenly plummeted by 90% from $6 to $0.50, with a market cap evaporating by $5.5 billion.
Team Response: Three hours later, the MANTRA team claimed the crash was triggered by 'irrational liquidation,' denying team responsibility. Subsequently, OM rebounded to $1.20, briefly emptying.
Liquidation Data: According to Coinglass, OM contracts were liquidated for $58 million within just 4 hours.
Background and questions about OM: Since November 2023, there have been multiple violent price rises, referred to by the community as 'strong manipulators.' Whether this crash was indeed caused by off-market liquidation, as the team claims, or if there are other hidden agendas, here is a key timeline summary:
One: Complete record of OM's 90% flash crash: crash, liquidation, and responses from various parties.
[Core Events]
At 2 AM: OM suddenly plunged, dropping over 80% within 24 hours, hitting a low of $0.50, with a market cap evaporating by $5.5 billion.
Liquidation wave: $58 million in contracts liquidated within 4 hours, over $65 million within 12 hours, second only to Bitcoin.
Team Response (4:51): Claims the crash was caused by 'disorderly liquidation,' denies team selling, and accuses CEX of insufficient risk control or market manipulation.
[Key Timeline]
▌Abnormal Trends Before the Crash
From April 7: 17 wallets deposited 43.6 million OM to CEX (accounting for 4.5% of the circulation), two of which are linked to strategic investor Laser Digital.
Three days before the crash: a large holder group transferred 14.27 million OM (worth $91 million) to OKX, suspected of selling off early.
Five hours before the crash: a dormant address suddenly transferred 2 million OM to a linked wallet, currently facing an unrealized loss of $11 million.
▌Responses from all parties after the crash
Binance (11:30): stated that the main reason for the crash was cross-platform liquidation, having reduced leverage in advance and warned of token economic risks.
Laser Digital (18:10): denies participating in selling and claims core holdings are still locked, with some on-chain transfers mislabeled.
OKX announcement (15:56): points out that OM's token economic model has recently changed dramatically, and multiple addresses exhibit patterned deposit and withdrawal behaviors.
▌Revelations and On-chain Evidence
VC revelation (14:00): OM is accused of being an 'offline OTC market,' operating through new funds cycling old ones, with Middle Eastern capital involved in packaging it as an RWA project.
Staking anomalies (18:28): A MANTRA staking address transferred 38 million OM (about $26.96 million) to Binance, purpose unknown.
[Controversial Focus]
Liquidation or manipulation? The team insists that forced liquidation by CEX caused the crash, but on-chain data shows that large holders sold off early.
Who is selling? Investors like Laser Digital deny selling, but the on-chain addresses raise suspicions.
What is the truth behind the OTC market? VC sources claim OM is a highly controlled project, and the token's economic model has systemic risks.
[Latest Updates]
The OM price briefly rebounded to $1.20 before fluctuating. The market is waiting for the team's subsequent response.
CZ suggested investors 'stay away from narrative-driven projects' and reiterated the decentralized stance on token listings on CEX.
Second: What is the real circulation of OM?
Suspicions of OM Token Manipulation: Severely Underestimated Real Circulation
Key Question: What is the real circulation of OM?
According to analysis, the official circulation of OM is 980 million, but among them:
792 million tokens controlled by the team (accounting for over 80%)
100 million tokens used for witch attacks (false airdrop manipulation)
The actual circulation may only be 8.8 million (less than 10% of the official data).
Why is the circulation severely compressed?
The team has a high degree of control: they hold most of the tokens and can pump or dump at will.
False airdrop strategy: artificially creating a 'circulation illusion' through witch attacks (Sybil Attack), while actually still locking in chips.
Avoid real selling pressure: if a large-scale airdrop occurs, a surge in real circulation could lead to a price crash.
Who is the behind-the-scenes operator?
Tritaurian Capital: Borrowed $1.5 million from SOMA Finance (OM founder JP Mullin is a co-founder of SOMA).
Middle Eastern capital and market makers: cooperating with lock-ups and control, further obscuring real circulation data.
Impact on the Market
Short-selling risk is extremely high: the team can explode short positions at any time.
Prices are easily manipulated: low circulation + concentrated holdings = typical characteristics of 'manipulator coins.'
Long-term hidden dangers: if the real circulation is exposed, it could trigger a trust crisis and sell-off.
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