Yigit Taha OZTURK 
The crypto markets have witnessed one of the most shocking crashes of 2025. Mantra (OM) token lost over 90% of its value in just 24 hours, falling from around $6.3 to below $0.50. OM’s market cap plunged from $6 billion to a few hundred million.
Many investors on social media likened the collapse to the LUNA and FTX crises, calling it a potential rug pull. After a wave of speculation, the Mantra team finally broke its silence.
Mantra Team: “This Was Not Us”
In an official statement, Mantra tried to reassure its community:
“Today’s price action was triggered by reckless liquidations unrelated to the project. We want to be clear: this was not our team. We are investigating and will share more details as soon as possible.”
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Mantra’s CEO also made a statement:
“Guys, I just woke up and I’m trying to figure out what happened. A major OM investor’s position was massively liquidated on an exchange. We’re still sorting out the details, but we’re here and working on solving the issue. Thanks for your understanding.”
Massive Tokenization Projects in the Middle East
Ironically, the OM token crash came shortly after Mantra’s announcement of a $1 billion tokenization deal in January 2025. The agreement with Dubai-based DAMAC included real estate, data centers, and other physical assets to be tokenized on the Mantra blockchain.
Mantra also obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.
This license allows Mantra to legally operate in the United Arab Emirates, offering crypto exchange, brokerage, management, and consulting services.
Why Did OM Crash?
Mantra co-founder Patrick Mullin said the crash was triggered by the liquidation of a large investor’s position on an undisclosed exchange. However, details such as the exchange’s name, the identity of the investor, or the trade volume have not yet been clarified.
While the team continues to investigate the chain of events, investors are growing concerned about the sustainability of the Mantra ecosystem.
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