Recently, the PPS -token of the Mantra chain crashed more than 90% in just one hour and fought more than $ 5.5 billion in value, causing damage in the cryptomarkt. It all started when a wallet might have been linked to the Public Prosecution Service 3.9 million OM -Tokens deposited on OKX, which warned the community because the team controls nearly 90% of the total OM offer.
Although Mantra claims limited involvement, internal movements and market reactions have caused dramatic sale. In the past year it has had to deal with a criticism of price manipulation. The latest down payment led to a chain reaction that sent the value of token in a downward spiral.
Cascading -liquidation sent the token falling down
After this down payment, massive sale rumors about earlier OTC deals with steeper discounts as possible as high as 50%as possible. The value of the token continued to fall, which led to a panic sale and a step -by -step liquidation effect that sent the price to the breaking point.
Co-founder JP Mullin of Mantra said that the fall in price was caused by ‘reckless liquidations’. In the meantime, Binance stepped in to clarify that the Cross-Exchange liquidations led to the crash of OM.
A big scandal
OKX CEO star XU called the Om Token Crash a major scandal for the crypto industry. He noted that all onchain data such as token unlocking, deposits and liquidations are public and can be assessed. He also promised that OKX will release detailed reports. This is after a report has shown that 17 portfolios, including two linked to investors Laser Digital, had sent $ 227 million to Exchange just before the crash.
OKX increases the risk management of -changes in token and suspicious activities
Okx too reported Those significant changes were made to the Tokenomics of the OM token from October 2024. The exchange also noted an unusual large-scale activities with comparable addresses on the blockchain since March 2025. In response OKX adjusted its risk management and advised users to bring caution due to an elevated markico
To rebound 200%
The token recovered 200% after a crash of 90% by $ 1.10. The co-founder JP Mullin of the project confirmed that the project was still active, with his official telegram group remained online.
It is remarkable that OM’s 200% rebound of $ 0.37 is similar to the pattern that is seen in the Luna -Crash of 2022. After the short recovery of Luna, it was unable to recover important advancing averages. Experts are now doubting the recovery of with Amicatcrypto and predicts that it could fall another 90% and noted that profit is only temporary bounces.