On April 13, the MANTRA (OM) token experienced a severe price collapse, causing widespread concern within the cryptocurrency community. Within an hour, the altcoin plummeted over 90%, erasing more than $5.5 billion in market capitalization. The rapid descent brought the token's price down from a high of $6.33 to below $0.50, drawing comparisons to the notorious Terra LUNA collapse. Thousands of holders reportedly lost significant amounts of money, leading to a loss of trust in the project.

Investigative reports indicated that the crash was likely triggered by a large deposit of MANTRA tokens to the OKX exchange. Onchain data revealed a transaction involving 3.9 million OM tokens being deposited, which heightened fears of an impending sell-off. Given that the MANTRA team is believed to control nearly 90% of the token's total supply, this move immediately raised questions about insider activity and potential price manipulation.

The OM community had previously expressed concerns over transparency issues surrounding the project. Over the past year, accusations emerged alleging that the team manipulated the token's price using market makers, altered tokenomics, and continuously postponed a promised community airdrop. The deposit to OKX further fueled fears that insiders might be planning to liquidate their holdings.

Reports suggested that MANTRA may have engaged in undisclosed over-the-counter (OTC) transactions, selling tokens at significant discounts, sometimes up to 50% below market value. These OTC investors faced substantial losses as the price of OM rapidly declined, triggering a wave of panic selling. This domino effect activated stop-loss orders and forced liquidations on leveraged positions, exacerbating the crash.

During the crisis, the project's official Telegram channel was locked, adding to the community's frustration and speculation. Despite these developments, the MANTRA team denied all allegations of a rug pull, asserting that they were not responsible for initiating the sell-off. Co-founder John Patrick Mullin publicly stated that the team was investigating the situation and committed to resolving the issue. Mullin hinted that the nature and timing of these events could point to either negligence or intentional market positioning by exchanges. He emphasized that the team did not sell any of the locked tokens and assured that the project's tokenomics remained unchanged and verifiable.

If OM does not recover, this would represent one of the most significant collapses in crypto history since the Terra LUNA crash in 2022. Thousands of affected holders are now calling for transparency and accountability from the MANTRA team, while the broader crypto community awaits clarification.

Binance Support also addressed the OM crash, attributing the price plunge to cross-exchange liquidations rather than actions specific to their platform. The statement highlighted that Binance implemented risk controls starting in October, including reducing leverage levels. Since January, Binance had been alerting users via a pop-up message on the OM spot trading page regarding significant changes to the tokenomics, particularly an increase in token supply.

The repercussions of the OM crash were felt throughout the sector. Data showed that the market capitalization of Real World Assets (RWA) dropped by 13.3%, falling to $41.0 billion. However, analysts believe the impact may be temporary. A recent report by Ripple and Boston Consulting Group forecast explosive growth for tokenized RWAs, projecting the sector to reach $18.9 trillion by 2033, reflecting a compound annual growth rate (CAGR) of 53% from the current $0.6 trillion.

BeInCrypto also observed notable growth in RWAs. Despite the market downturn, the sector attracted institutional interest due to its stability. Furthermore, RWAs surpassed $20 billion in on-chain value, indicating that the MANTRA incident may be an isolated event. Consequently, it is unlikely to impede the broader RWA market's long-term potential and growth trajectory.

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