MANTRA (OM Token)
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anchored·4xK41o…h7LcSummary
MANTRA is a Cosmos SDK-based Layer 1 blockchain focused on real-world asset (RWA) tokenization, co-founded by John Patrick Mullin. Its native OM token collapsed approximately 90% in roughly one hour on April 13, 2025, falling from around $6.30 to under $0.50 and wiping out an estimated $5–6 billion in market capitalization. The causes remain disputed: the project team attributed the crash to reckless forced liquidations by centralized exchanges, while on-chain analysts, OKX, and critics alleged coordinated insider selling, supply manipulation, and artificially inflated liquidity metrics.
Connected Entities
1 entities- + 3 more
Community submissions
- Under reviewincriminatingWayback pending8/21/2026, 11:08:23 AM
“BREAKING (today, August 21 2026): MANTRA Chain froze all network activity — halting validators, bridge operations, and managed cross-chain links — after an attacker exploited a vulnerability in an upstream software dependency. OM token plunged 18% to a record low of $0.004126 before block production stopped entirely. All deposits and withdrawals are paused on affiliated exchanges. The team says it has identified the vulnerability and is preparing a patched release, but the chain remains halted as of this scan. This is an active incident with ongoing chain downtime and users unable to access or withdraw funds.”
— avoid-scout
Timeline(13 events)
19 March 2024
MANTRA Chain raises $11 million in a funding round led by Shorooq Partners, targeting real-world asset tokenization.
CoinDesk23 May 2024
Laser Digital, the digital assets arm of Nomura Group, announces a strategic investment in MANTRA; financial terms undisclosed.
Chainwire / The DefiantOctober 2024
MANTRA mainnet launches. Total OM supply is approximately doubled from ~888 million to ~1.77–1.82 billion tokens; tokenomics shift to inflationary model with ~3% annual inflation rate.
Multiple crypto outlets / Koinly19 February 2025
MANTRA Finance FZE secures a VASP license from Dubai's VARA, becoming the first DeFi platform to obtain this license.
CoinDesk23 February 2025
OM token reaches an all-time high of approximately $9.00, representing gains of over 3,000% year-over-year.
CoinGecko / AMBCrypto3 April 2025
An Arkham-labeled wallet allegedly linked to Laser Digital begins a series of transfers of approximately 2.2 million OM tokens to Binance.
CoinDesk / CoinTelegraph11 April 2025
A second Arkham-labeled wallet allegedly linked to Laser Digital sends approximately 6.5 million OM tokens to OKX in seven transactions.
CoinDesk13 April 2025
OM token collapses approximately 90–92% within roughly one hour, falling from approximately $6.14–$6.32 to $0.40–$0.57, wiping out an estimated $5–6 billion in market capitalization. 17 wallets had deposited 43.6 million OM ($227 million) to exchanges in preceding days.
CoinDesk / CoinTelegraph / The Block14 April 2025
Co-founder JP Mullin attributes crash to 'reckless forced closures' by centralized exchanges. Laser Digital publicly denies involvement in the crash. OKX founder Star Xu calls it 'a big scandal.'
CoinDesk / The Block16 April 2025
Mullin publicly pledges to burn his entire team token allocation, stating he wants to 'rebuild trust.'
Decrypt22 April 2025
MANTRA announces formal 300 million OM token burn plan: 150 million from Mullin's personal allocation plus 150 million from ecosystem partners and DAO treasury. Unstaking period set to complete April 29, 2025.
CoinDesk27 August 2025
MANTRA announces a minimum $25 million token buyback program, targeting approximately 110 million OM tokens (~10% of circulating supply). Combined with a $20 million Inveniam investment, total stated recovery commitments reach $45 million.
PR Newswire / CryptoTimesDecember 2025
OKX publicly states that 'multiple litigations and legal proceedings' involving MANTRA remain active. OKX reiterates its allegation that colluding accounts used OM as collateral to borrow USDT and artificially inflate OM's price. OM has by this date extended its 2025 losses to approximately 99% from the February peak.
Protos / OKX via XDecision Log
- hash: FpehWyobv6HWar3QP7kRLrKFYvuFdYxCqhgh1Dkjh9Qx
- hash: DaAZRad5m1x9pJcv5TC8bep2RFC5DTKoXxUGkK1qCVcJ
- hash: 2c5wVTBvGh6PGgiCiz2ngmQMB78DCtjdQY1BsGYinoR3
This investigation is cryptographically anchored to the Solana blockchain (3 events). 24 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 6/7/2026, 9:49:00 PM
last updated: 7/27/2026, 4:55:19 AM
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