Large Quantity of OM Tokens Transferred to Cryptocurrency Exchanges Before 90% Price Drop of Mantra; On-Chain Records Indicate
Rewritten Article:
April 15, 2025 | Trading and Crypto Market Insights
The recent plunge of Mantra, a Real-World Asset (RWA) crypto project (OM), left the crypto world stunnedafter it suffered a whopping 94% decline in a single day - falling from a high of $6.35 to a low of $0.37. In the chaos, questions are swirling about who or what might have caused the catastrophic drop.
Blockchain intelligence platform Lookonchain has come forth with intriguing insights, suggesting that tokens worth hundreds of millions of dollars were transferred to digital asset exchanges before the Mantra crash.
According to Lookonchain's findings, multiple wallets deposited approximately 43.6 million OM tokens ($227 million at the time) to crypto exchanges - representing 4.5% of the circulating supply, just before the massive price meltdown over the weekend. Some of the receiving exchanges listed in the data are OKX and Binance.
Who triggered the OM crash?
Lookonchain alleges that several wallets linked to Laser Digital, a strategic investor in Mantra, were amongst the depositers.
"Who dropped the price of OM?
Before the OM crash(since Apr 7th), at least 17 wallets deposited 43.6 million OM($227 million at the time) into exchanges, 4.5% of the circulating supply.
Two of these addresses are believed to be linked to Laser Digital."
On Sunday, Mantra bore the brunt of the price collapse, with its market cap plunging from $6.11 billion to $683.3 million. However, crypto asset management firm Laser Digital has since released a statement, categorically denying any involvement in the price collapse of Mantra.
"We want to directly address recent speculation around Laser Digital's involvement in the price action of OM (Mantra)... Speculation circulating on social media that ties Laser to 'investor selling' is factually incorrect and misleading...
On-chain movements of OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets."
Meanwhile, Mantra CEO JP Mullin has accused exchanges of initiating the sell-off, claiming that by closing large positions during low-liquidity hours, they instigated the price plummet.
At the time of writing, OM is trading for $0.595, down 32.5% in the last day.
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- The recent events surrounding Mantra have raised questions about the role of crypto exchanges, as tokens worth hundreds of millions of dollars were sent to digital asset exchanges before the crash, including OKX and Binance.
- Prior to the Mantra crash, several wallets linked to strategic investor Laser Digital allegedly deposited approximately 43.6 million OM tokens ($227 million at the time) to crypto exchanges, representing 4.5% of the circulating supply.
- Despite speculation, cryptocurrency asset management firm Laser Digital has released a statement denying any involvement in the price collapse of Mantra, clarifying that their wallets were not the ones depositing tokens to OKX.
- Meanwhile, Mantra CEO JP Mullin has accused exchanges of initiating the sell-off, suggesting that by closing large positions during low-liquidity hours, they aggravated the price plummet.
- Investors remain vigilant, with the recent events serving as a reminder of the significance of blockchain, cryptocurrency, and altcoins in the world of finance, especially when it comes to altcoins like Ethereum and Bitcoin, emphasizing the importance of HODL-ing during tumultuous market conditions.
