Mantra CEO blames 90% OM token crash on forced exchange liquidations

The price of Mantra plunged over 90% on Apr. 13, falling from around $6.30 to below $0.50 within hours. 

In an Apr. 14 post on X, Mullin said the sharp drop in OM’s price was caused by forced liquidations triggered by centralized exchanges. He explained that these actions were taken suddenly and during low-liquidity hours on Sunday evening UTC, which may have amplified the market impact. 

Mullin clarified that the sell-off was not due to any token sales by the Mantra team or its investors, noting that OM tokens remain locked according to the project’s vesting schedule. However, several independent analysts have made contradictory claims.