MANTRA (OM Token)
Summary
MANTRA is a Cosmos SDK-based Layer 1 blockchain focused on real-world asset (RWA) tokenization, co-founded by John Patrick Mullin. Its native OM token collapsed approximately 90% in roughly one hour on April 13, 2025, falling from around $6.30 to under $0.50 and wiping out an estimated $5–6 billion in market capitalization. The causes remain disputed: the project team attributed the crash to reckless forced liquidations by centralized exchanges, while on-chain analysts, OKX, and critics alleged coordinated insider selling, supply manipulation, and artificially inflated liquidity metrics.
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2024-03-19
MANTRA Chain raises $11 million in a funding round led by Shorooq Partners, targeting real-world asset tokenization.
CoinDesk2024-05-23
Laser Digital, the digital assets arm of Nomura Group, announces a strategic investment in MANTRA; financial terms undisclosed.
Chainwire / The Defiant2024-10-01
MANTRA mainnet launches. Total OM supply is approximately doubled from ~888 million to ~1.77–1.82 billion tokens; tokenomics shift to inflationary model with ~3% annual inflation rate.
Multiple crypto outlets / Koinly2025-02-19
MANTRA Finance FZE secures a VASP license from Dubai's VARA, becoming the first DeFi platform to obtain this license.
CoinDesk2025-02-23
OM token reaches an all-time high of approximately $9.00, representing gains of over 3,000% year-over-year.
CoinGecko / AMBCrypto2025-04-03
An Arkham-labeled wallet allegedly linked to Laser Digital begins a series of transfers of approximately 2.2 million OM tokens to Binance.
CoinDesk / CoinTelegraph2025-04-11
A second Arkham-labeled wallet allegedly linked to Laser Digital sends approximately 6.5 million OM tokens to OKX in seven transactions.
CoinDesk2025-04-13
OM token collapses approximately 90–92% within roughly one hour, falling from approximately $6.14–$6.32 to $0.40–$0.57, wiping out an estimated $5–6 billion in market capitalization. 17 wallets had deposited 43.6 million OM ($227 million) to exchanges in preceding days.
CoinDesk / CoinTelegraph / The Block2025-04-14
Co-founder JP Mullin attributes crash to 'reckless forced closures' by centralized exchanges. Laser Digital publicly denies involvement in the crash. OKX founder Star Xu calls it 'a big scandal.'
CoinDesk / The Block2025-04-16
Mullin publicly pledges to burn his entire team token allocation, stating he wants to 'rebuild trust.'
Decrypt2025-04-22
MANTRA announces formal 300 million OM token burn plan: 150 million from Mullin's personal allocation plus 150 million from ecosystem partners and DAO treasury. Unstaking period set to complete April 29, 2025.
CoinDesk2025-08-27
MANTRA announces a minimum $25 million token buyback program, targeting approximately 110 million OM tokens (~10% of circulating supply). Combined with a $20 million Inveniam investment, total stated recovery commitments reach $45 million.
PR Newswire / CryptoTimes2025-12-01
OKX publicly states that 'multiple litigations and legal proceedings' involving MANTRA remain active. OKX reiterates its allegation that colluding accounts used OM as collateral to borrow USDT and artificially inflate OM's price. OM has by this date extended its 2025 losses to approximately 99% from the February peak.
Protos / OKX via XDecision Log
- hash: 2c5wVTBvGh6PGgiCiz2ngmQMB78DCtjdQY1BsGYinoR3
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 6/7/2026, 9:49:00 PM
last updated: 6/7/2026, 10:10:46 PM
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