The OM token, native to the Mantra blockchain, suffered a severe market crash on April 13, dropping from around $6.30 to below $0.50 within a single day.
According to CryptoSlate’s data, this sharp decline wiped out more than $5 billion from its market capitalization, which nosedived from approximately $6 billion to just $530 million.
While OM has slightly recovered to $0.71 and has a market cap nearing $700 million, it still reflects a massive loss in value.
Mantra is a Layer 1 blockchain built on Cosmos SDK that focuses on real-world asset tokenization with built-in regulatory compliance. Last month, the platform received a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Insider activity or rugpull?
The collapse has drawn intense scrutiny, with many questioning whether a technical exploit, insider activity, or a broader liquidity event caused it.
Blockchain investigator ZachXBT raised the possibility of a hack or vulnerabilit
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