Crypto Catastrophe: 90% Crash and OMG Tokenomics Scandal Unveiled!

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In an episode that even reality TV wouldn’t dare script, the OM token from the Mantra chain decided to take a nosedive of over 90% in just one hour—poofing away over $5.5 billion like it was magic dust. Apparently, a wallet (possibly run by the OM team, because why not add some mystery?) deposited 3.9 million OM tokens on OKX. And since the team holds nearly 90% of the total OM supply, you can imagine the collective eye roll from the crypto community. 🤦‍♀️

Mantra insists they’re just along for the ride, but let’s be honest, the whole thing smacks of internal shenanigans and a price manipulation plot that could rival a daytime soap opera. One deposit was all it took to trigger a dramatic sell-off worthy of its own blockbuster. 🎬

Cascading Liquidation Sent The Token Crashing Down

Once the deposit happened, it was like opening the floodgates of despair. Massive sell-offs began, sparking whispers of secret OTC deals with discounts so steep they might as well have been in a clearance sale—50% off, anyone? The token’s value spiraled downward faster than a hen on roller skates, leading to panic selling and a liquidation cascade that left the token gasping for air. 😱

Enter JP Mullin, the Mantra co-founder, who blamed the freefall on ‘reckless liquidations’. Meanwhile, Binance couldn’t resist chiming in to explain that it was the cross-exchange liquidations that played the villain in this chaos. It’s like watching a bad buddy movie where everyone points fingers.

OKX CEO Star Xu didn’t hold back either. He dubbed the OM token crash a major scandal shaking the very foundation of the crypto industry. All on-chain data—token unlocks, deposits, and liquidations—became the public’s new guilty pleasure for scrutinizing. Xu even promised a forthcoming report with details as captivating as your favorite true crime podcast. 📑

The drama escalated when a report revealed that 17 wallets, including two linked to investor Laser Digital, funneled $227 million worth of OM to exchanges just before the crash. Because if there’s one thing that makes crypto fun, it’s a little pre-crash mischief, right?

OKX then announced some sweeping changes to the OM tokenomics starting October 2024. They also noted some eyebrow-raising, large-scale blockchain activity involving similar addresses since March 2025. In response, they tightened risk controls and served a hearty dose of caution to users—because nothing screams “stay alert” like the threat of market mayhem. 🚨

In a twist that could rival a sitcom comeback, the token rebounded 200% after its 90% nosedive, spiking up to $1.10. JP Mullin, ever the optimist, confirmed that the project is still kicking (and messaging on Telegram, no less).

However, similarities to the infamous 2022 LUNA crash have many experts raising skeptical eyebrows. The exuberant 200% bounce from $0.37 looks a lot like LUNA’s brief flirtation with recovery before its inevitable tumble. AmiCatCrypto cheekily predicts that OM might drop another 90%, reminding us all that in crypto, gains are often just fleeting moments of sunshine before the inevitable storm. 🌩️😏

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2025-04-14 15:07