The Cryptocurrency project Mantra comes under increasing suspicion after the take threw 90% of its value within a single day. The Value dropped From $ 6.27 to only $ 0.72, which erases more than $ 5 billion in market value. What happened the next only served to aggravate the situation.
Based on blockchain data, the Mantra DAO project behind the scenes-serves $ 26.95 million in the OM to-to-token to a Binance wallet on Monday 14 April. This is shortly after the massive dumping of the price, which triggered red flags among observers.
Detractors quotes a disturbing fact: the mantra team owns about 90% of all about -tokens. The high concentration of ownership and time for exchange transfers has pushed allegations of Potential insider sales.
With 90% already dumped in $ IfIt seems $ If Team is about to sell more.
2 hours ago @Mantra_chain Dao Staken Wallet Sent 38M $ If ($ 26.96 million) to #Binance Cold wallet.https://t.co/nsttgmuqzg pic.twitter.com/vsc2q346fc
– Onchain Lens (@onchainlens) April 14, 2025
Mantra CEO denies allegations of dumping tok
Mantra CEO JP Mullin has disproved such accusations. He said the team and investors did not dump their holdings during the crash.
Instead, Mullin attributed the price decline to “forced liquidations” which was initiated by the Cryptocurrency exchange. Such liquidations occur when exchanges sell traders automatically after they cannot cover marginal calls.
But his account is not to everyone’s taste. Various independent analysts have monitored suspected token transfers pointing to another story.
OM price has sustained a steep drop in the last week. Source: CoinMarketCap
Detective work on the chain reveals suspicious transfers
Crypto analyst Max Brown found that Mantra transferred almost 4 million if tokens to Cryptocurrency -Exchange OKX shortly before prices began to fall.
The problem for investigators is that when tokens are moved to centralized exchanges such as Binance or OKX, they become much more challenging to track. This is essentially a blind place where tokens can be discarded while they do not leave any clear track on public blockchains.
Mantra chain $ If Crashed 90% in one hour and $ 5.5 billion was obliterated.
This is how it could have happened 🧵
It all started yesterday when a possible $ If Team Wallet deposited 3.9 million on symbols on OKX.
It was well known in the crypto gym that about team … pic.twitter.com/9zqnw4yrla
– Max Brown (@MaxBrownnbtc) April 13, 2025
Although analysts cannot prove it to a fact that insiders sold tokens, the gradient for movements in exchanges just before the price nug really provides room for serious doubt.
Exchanges give varying accounts of the crash
Large Cryptocurrency exchange initiated investigations on what triggered spectacular case of the — token.
Binance, the largest crypto exchange in terms of trade volume, confirms Mullin’s account. In early results, they indicate that cross -changing liquidations probably caused the crash, which would support the CEO’s explanation.
OKX paints another picture. The exchange quoted “major changes” in OM’s Tokenomics as a possible cause. They also noted that several blockchain addresses had sent large amounts of tokens to exchanges during the crash time.
The contradictory accounts from different players in the market have left investors uncertain about what actually happened. With $ 5 billion lost market value and no security has been seriously undermined.
Image from Blueberry Markets, Chart from Tradingview
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