The DeFi platform Mantra has released an official statement regarding the 92% crash of its own token OM on April 13th.
In a notice titled "Explanation of the April 13, 2025 Incident" released on the 16th, Mantra stated that this sharp decline was unrelated to token sales associated with the project. The team also emphasized that they are operating normally and continue to investigate the incident.
While CEO John Mullin had previously mentioned preparing a post-event analysis report, this announcement provided almost no additional explanation about the specific circumstances that led to significant exchange inflows and a chain of liquidations.
The representative reconfirmed that this phenomenon was concentrated on the Ethereum-based OM (ERC-20 Token). They explained that this ERC-20 version, which exists separately from the mainnet-based token, essentially represents the entire circulating supply.
The OM Token was launched in August 2020, and 99.9% of its fixed supply of 888.8 million tokens under the ERC-20 standard were already in circulation as of April 15th. In contrast, only about 77.5 million OM tokens issued on the Mantra mainnet were in circulation after October 2024.
Mantra also added that a price divergence for OM occurred on OKX and Binance, with this divergence observed around 6 PM UTC, approximately one hour before the sharp decline. According to CoinGecko, signs of price abnormalities began at this time.
Mantra stated that collaboration with centralized exchanges is required to reveal the full details of this incident, requesting partner exchanges to share more information about the trading activities at that time.
Additionally, Mantra reported that they are simultaneously preparing a buyback and token supply burning plan as part of restoring market confidence in the OM Token. However, no specific implementation timeline was provided.
Immediately after the incident, OKX CEO Star Xu defined the event as a "major scandal", and Mantra CEO Mullin previously mentioned that Binance currently holds the most OM tokens, a judgment based on Etherscan data.
After the announcement on the 16th, Mantra did not provide any additional responses to further inquiries about the document.
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