Mantra crashes 90% in 24 hours - Here's what happened to OM
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In a brutal turn, Mantra [OM] plunged over 90% in 24 hours, wiping out $68M in value.Co-founder JP Mullin blamed “reckless” liquidations, denying any wrongdoing – but investors remain skeptical. With charts in free fall and sentiment crashing, many are calling it a live rug pull.Whether it’s lost confidence or something worse, the Mantra collapse is the latest cautionary tale in crypto.OM is in a death spiralSource: TradingViewThe dramatic crash of Mantra’s OM token — from around $6.30 to as low as $0.50 — has triggered chaos across leverage-heavy crypto markets.OM not only suffered the largest price drop but also led the liquidation heatmap. Within just 12 hours, traders liquidated over $68 million in long positions, including more than 10 trades exceeding $1 million.Source: XIn the past hour alone, $1.11 million worth of OM long positions were forcibly closed, surpassing even Bitcoin [BTC] and Ethereum [ETH] in liquidation volume.Source: CoinglassThe rapid plunge caught over-leverage...