CryptoSCAM

The $OM collapse wasn’t an accident—it was a calculated rug pull, orchestrated by insiders, draining billions while retail investors were left in the dust.
$OM
The OM Collapse: A Rug Pull in Real-Time on Centralized Exchanges — How Over $5.5 Billion Was Erased and Why It Wasn't Just a Mistake

On a day that left the crypto world in shock, Mantra ($OM )—a token that was once a top 50 player on Binance—suddenly dropped from $6.32 to $0.57, wiping out over $5.5 billion in market cap in a matter of hours. What initially seemed like a sudden market dip turned out to be much darker: a well-executed rug pull done in broad daylight using major centralized exchanges.

Here’s a breakdown of how this massive collapse really happened.

🚨 The $41 Million Transfer That Set the Stage

It all started 48 hours before the crash, when a wallet known as LaserDigital_ transferred 6.5 million OM tokens (worth about $41 million) to OKX.

What makes this significant? LaserDigital_ wasn’t just any whale—it had direct ties to Mantra as an official investor in its $108 million MEF fund. This wallet had also received tokens from GSR, a market maker with a questionable reputation. This wasn’t a random transaction. It was a signal that something was about to happen.

📉 A Crash That Took No Time at All

Once the transfer was made, the OM price dropped like a stone, falling from $6.32 to $0.57 in a few short hours. The result? A 90% loss in just a few hours.

No warnings. No safeguards. No circuit breakers.

Retail investors—those who had no way to anticipate this—were left holding the bag, while those in the know quietly exited with their positions intact.

🧨 Tokenomics Shifted Mid-Cycle

Mantra’s initial tokenomics promised a more user-friendly approach:

50 million OM tokens were supposed to be airdropped, with 20% unlocked right away.

But instead, they made drastic changes:

Only 0.3% of tokens were unlocked per day.

The majority of tokens were locked until 2027, with only 10% unlocked in March.

Staking was suddenly required to vote on vesting schedules.

Fake wallets flooded the DAO, manipulating the votes to keep control in the hands of insiders.

This wasn’t a random mistake; it was a calculated move to trap retail investors while giving insiders the freedom to act without restriction.

🧠 Governance Was Rigged

For a so-called decentralized system, Mantra’s governance model was anything but fair:

Users were forced to stake tokens just to vote, making it harder for everyday investors to have a say.

Suspicious wallets appeared out of nowhere, skewing the vote.

On-chain analysis confirmed that the voting system had been manipulated from the start.

In short, the DAO wasn’t decentralized—it was a front, a way to make it look like the community had control when in reality, insiders were pulling the strings.

🧯 Exit Liquidity Was Planned

The collapse wasn’t just a coincidence—it was meticulously planned:

Just before the crash, 3.9 million OM tokens were moved from the team wallet to OKX, sparking a chain reaction of liquidations and panic selling.

The team encouraged users to bridge assets to MANTRA Chain just before the crash, but the insiders had already bridged early, ensuring they could exit when the time came.

Every move, from the changes in tokenomics to the manipulated votes, was part of a carefully crafted exit strategy.

🤐 CEO's Response: Silence, Deflection, and Damage Control

When the dust settled, Mantra's CEO, John Patrick Mullin, gave a brief statement: “My decision, my responsibility.” But instead of taking responsibility, he quickly deflected, shifting the focus to vague promises of “building a $100B TVL chain.”

There was no apology, no transparency, no compensation for the people who lost everything. Instead, Mullin chose damage control over real leadership.

💥 This Wasn't Just a Coincidence—It Was a Deliberate Plan

What happened wasn’t just a market crash. It was the result of a well-thought-out plan to manipulate tokenomics, governance, and liquidity:

Tokenomics were changed multiple times to trap investors.

Governance was rigged with fake wallets and manipulated votes.

Bridges were gamed to allow insiders to exit before the crash.

OTC deals allowed the team to sell into a hyped market.

Mantra had ties to major platforms like HTX (Huobi), Poloniex, and others. Expect delistings, regulatory scrutiny, and mass outflows from these ecosystems in the wake of the collapse.

How You Can Help Protect the Crypto Space

To make sure this kind of situation doesn’t become the norm, here’s what you can do:

Tag @CZ and @Binance Labs to demand $OM delisting.

Report @MANTRA to raise awareness of the risks involved.

Share this article to warn others about the dangers of opaque governance and hidden agendas.

Reject any DAO that lacks transparent voting and unlocked tokenomics.

Only through community action can we prevent future rug pulls.

Final Thoughts: This Was Never Decentralized

True decentralization isn’t about a logo or a catchphrase. It’s about transparent, verifiable systems. If you don’t know who controls the treasury, who’s manipulating token flows, or who has the power to influence votes, then you’re nothing more than exit liquidity.

Remember: Decentralization is about trust—and trust is something that can be proven.

The playbook behind the OM collapse has been exposed. Let’s make sure it’s never used again.

#WhaleMovements #Rugpull #Cryptoscam #cryptocrash #Binance