The most objective truth behind $OM collapse
$6B LOST IN 30 MINUTES
Just listened to @jp_mullin888 on X Spaces.
I don’t believe this was a textbook rug pull.
Here is my most objective investigation for the $OM collapse + alpha projects at the end 🧵👇
So who is responsible for the dump?
A wallet connected directly to the @MANTRA_Chain team deposited 3.9M $OM ($25M) onto OKX, triggering immediate market suspicion.
That said, there were also reports about the the team controlling 90% of $OM’s supply, buying all the way up.
So, even if true, the team controlling the supply could mean 2 things here:
+EV where team is holding
-EV where team is selling
I don't see this liquidation being caused by the team given that the cause was likely due to identified addresses from Laser Digital.
From April 7, 17 wallets deposited 43.6M $OM ($227M) to exchanges: Binance and OKX, 4.5% of circulating supply, exacerbating panic.
@arkham confirms two addresses linked directly to @LaserDigital_, a strategic investor in @MANTRA_Chain.
0x024D95363A59a8b0D83e90C68613890983565124
0xB37DBDec19737d52cDC8fD969B92bAA9e044f26A
Institutional involvement confirmed.
Found by @lookonchain
The pre-crash narrative included bullish announcements:
• April 7: $108.9M ecosystem fund launched.
• April 8: Fireblocks integration.
• April 10: IBC protocol bridge implementation.
Yet, liquidity remained suspiciously thin, incompatible with a supposed $6B valuation—raising suspicion these updates were strategically timed PR moves, not organic growth.
This could possibly tie in with the sightings of insider OTC deals, tokens sold privately at discounts exceeding 50% (speculation)
So, when price fell below these entry points, panic ensued among OTC buyers.
This then triggered a rapid cascade:
• Heavy retail sell pressure
• Immediate stop-losses activated
• Leveraged positions liquidated ($66.97M wiped in liquidations; 10 positions exceeding $1M each)
The mantra team response during peak crisis isn't the most professional to say the least as compared to @Bybit_Official's hack but they were quick to act to respond
https://x.com/MANTRA_Chain/status/1911603676000514069
Some other events that potentially fueled the downward cascade of $OM price.
• A large holder simultaneously dumped a $40M position.
• Upcoming token unlock ($45.92M scheduled for April) further fueled fears of future dilution.
There appears to have been some false accusations for the deletion of TG channel. Debunked.
I believe @MANTRA_Chain is here to build.
https://x.com/jp_mullin888/status/1911529914110758943
On top of this, there were also trust issues amongst the that existed months prior:
• Alleged use of market makers for artificial price support.
• Undisclosed alterations to tokenomics.
• Repeated delays of community-promised airdrops.
Depsite all of these, price of $OM had held up, probably the best, given the market conditions.
I believe this was not the result of the team exit dumps, some mismanagement on their end and nasty investor exiting.
The net result was catastrophic:
• $OM plummeted 92% ($6.40 → $0.57) within hours.
• Over $6B in market cap wiped out instantly.
• Largest RWA token effectively destroyed overnight, undermining crypto’s claim of RWA maturity.
On the flip side, I am taking this as an opportunity to either double down more on $OM @MANTRA_Chain
OR
dig deeper into RWA related projects that are severely undervalued
As for the former decision, I'm waiting out from the team for a post-mortem report.
Here are some of my picks
@CollaterizeHQ 14m
@realio_network 12m
@Polytrade_fin 7m
@RedbellyNetwork 26m
@OstiumLabs
@OpenEden_X