The price of OM, the native token for the Mantra blockchain, crashed by over 90% in a sudden drop, from $6.30 to less than $0.50 on Sunday, leading to mass liquidations estimated at $72 million and a significant market cap decline. Initially feared to be a rug-pull scheme, the co-founder clarified that the crash was due to forced position closures by centralized exchanges during low liquidity hours, raising concerns about negligence or possible manipulation by those exchanges.
On Sunday, OM prices fell from around $6.30 to less than $0.50 within a couple of hours, shaking up the crypto markets and likely leaving many people wondering.
We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest a sudden closure.
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