The token Mantra (OM) — one of 2024’s top-performing assets — lost over 90% of its value in less than two hours. The price plunged from $6.13 to $0.375, causing panic across the market.

The project team stated that the crash was due to mass forced liquidations on centralized exchanges, not developer actions. On-chain analysts found that 43.6 million OM tokens were transferred to exchanges a day before the crash — approximately 4.5% of the total supply.

Mantra positions itself as a blockchain platform for real-world asset (RWA) tokenization and has been expanding its partnerships in the Middle East. However, the recent incident has shaken investor confidence and raised concerns about the project's stability.