Mantra Crypto Crash: $4.5 Billion Wiped Out After 90% Plunge Amid Rug-Pull Allegations
The Mantra crypto crash wiped out over $4.5 billion in less than two hours after OM plunged 90%, sparking rug-pull fears. The Mantra team denied any involvement. “Today’s activity was triggered by reckless liquidations, not anything to do with the project,” Mantra posted on its official X account on April 13. “One thing we want to be clear on: this was not our team.” Mantra Crypto Crash Erases $4.5 Billion In Market Cap The Mantra token saw its market cap drop from over $5 billion to around $500 million in less than 2 hours. It has since recovered slightly to a market cap of about $761 million, data from CoinMarketCap shows. The crypto’s price is, however, still down over 87% on the daily time frame to trade at $0.7902 as of 1:14 a.m. EST. On-chain analytics platform Lookonchain said in an X post today that prior to the Mantra token crash, at least 17 wallets deposited 43.6 OM tokens, valued at $227 million at the time, into exc...