Mantra Token Plummets 90%: Team blames liquidations for exchange, because market cap reduces $ 683 million

The Mantra’s token craves 90% overnight to $ 0.70, deleting billions worth the wrong “reckless” liquidation of exchange, not internal actions.

On Sunday night, Mantri Om Token has experienced a catastrophic decline, training more than 90%, and over $ 71.8 million of liquidation. Token, which is a trading about $ 630, now sitting around $ 0.70, and its market capitalization has been drastically reduced with almost $ 6 billion to only 683.09 million dollars.

Source: Coinmarketcap mantra price

The Exchange Noted That The Initial Price Drop Occurred Around 2:28:32 AM (UTC + 8) on April 14, With “A Rapid Trading Volume First Appearing On Other Exchanges, Followed By A Sharp Drop Of More Than 80% In The Entire Market In a Short Period of Time.”

OBSS analysis indicates potential structural questions with a token, the economic model of the Token project was subjected to major changes in October 2024. years “from March multiple addresses with similar modes of work experienced large deposits and withdrawals from different exchanges.”

In response to these risks, the OCKS has “adapted a range of risk control parameters” and added risk warnings on the OM token page. The stock market emphasized that “recent market risks are relatively high, and some tokens can have significant changes in the token supply, which will have significant fluctuations and influences of the token prices.”

Mantra is a co-founder, John Patrick Mullin, quickly addressed the situation through official project channels, attributing to the collapse “reckless forced shutters to launch centralized holdings on the OM account” rather than any action.

“The time and depth of the fall suggest that it is very suddenly closing positions of the account, “Mullin is in the weekly medical dinner on the very night,” suggesting “the degree of negligence at best,” suggesting “the degree of negligence.”

According to Koinglas, the collision resulted in more than $ 74.7 million liquidation in the last 24 hours, and ten positions each experienced liquidations cross a million dollars.

Source: Blacksmith

Market Investor Gordon compared the situation on the previous crypto disasters, writing: “(The) team should address this or om appear to be referred to zero, the biggest draw from the Luna?”

Mantra managers have tightly denied these allegations, and Mullin provides verification addresses for team tokens to prove that they remain locked as scheduled. “To be clear, this dislocation has not caused the association of the Mantra chain, his tokens. Tokens remain locked and subject to published periods of time”, “in their community” in the “team in their community” cited in the team of their community. “

Arkham Intelligence Data pointed to the Mantra gave it at about $ 21 million in separate transactions 2. April, although it doesn’t seem to be connected to the current crisis.

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