The cryptocurrency token MANTRA (OM) experienced a dramatic drop in value, losing 98% of its worth in just under an hour. This sudden crash caused more than $6 billion to disappear from its market cap, with the price plummeting from nearly $6 to around $0.57. Many traders were unable to react in time to sell their holdings before the value collapsed.
As news of the crash spread, users on the social media platform X began to express their anger and frustration. They accused a group referred to as the “Kabal team” of manipulating the market by selling a large amount of tokens all at once.
Although no specific individuals have been named, many tweets suggested that this group was connected to the MANTRA project. One user claimed, “The Kabal team just rugged everyone. Project is dead.”
A well-known figure on X, @zachxbt, stated that the token was heavily manipulated through market makers and supply control. The community on the Mantra Discord channel is now waiting for updates from the project team.
Another user described MANTRA as one of the biggest scams in the crypto world, alleging that the team controlled the token supply to manipulate prices for their benefit.
Data from Arkham revealed that the Mantra DAO team had previously transferred and burned a significant amount of OM tokens, totaling over 84 million tokens worth approximately $524 million. The price of OM had been declining for some time, with earlier warnings about supply inflation and a voting system that favored the team going unheeded.
During the turmoil, the official MANTRA Telegram group restricted new user access, leaving many potential members unable to join. Current members were seeking answers, but the moderators remained silent.
The CEO of MANTRA, John Patrick Mullin (JP), was reportedly at an event in Paris and did not respond to the crisis, leading some users to speculate that he was unaware of the situation.
