14.04.2025 12:00
The cryptocurrency market was shaken by the sharp decline of the Mantra (OM) token. Approximately $5 billion of Mantra's value evaporated in a single day. The company's CEO, Patrick Mullin, made a scandalous statement in response to the situation. He mentioned that he was asleep at the time of the collapse and had just woken up, stating that he was trying to understand what had happened.
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The Mantra (OM) token recently traded at around $6.3 but experienced a sudden drop below $0.50. This situation meant that more than 90% of the token's market value of approximately $6 billion was wiped out in just one day.
Mantra (OM) was trading at around $6.14 last night but fell to as low as $0.45 later on. With a market value of $6.12 billion, Mantra dropped to $650 million. This development resulted in a loss of $5.5 billion in Mantra's market value. This sudden drop is considered by some market observers as one of the most significant project collapses seen since the LUNA crisis.
SCANDAL DEFENSE FROM THE CEO
Following the billions of dollars collapse, a 'scandalous' statement came from Mantra's CEO. The company's CEO, Patrick Mullin, stated that he was asleep at the time of the collapse and just woke up, trying to understand what happened. He mentioned that he suspected a forced liquidation occurred on an exchange but would not name the exchange as they are still trying to understand why they did that.
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