The crypto community is gradually evolving, and as a result, newer names have popped up. One such name is the OM token of the MANTRA ecosystem. In the recent market turmoil, the token sunk by 90% in a matter of hours.
April 13 began with OM tokens selling for $6.21. In less than an hour, the token sank and was going for $..49. This crash immediately triggered a market reaction. Many people speculated a rug-pull situation. Meanwhile, the broader market mostly questioned the integrity of the token.
The actual cause of the collapse is unclear at the moment. Many people are comparing this crash to the popular Luna crash in 2022. However, CNN has taken the onus to find answers. As a result, did their digging and found out that the whole thing reeks of an exit scam.
MANTRA has been on a bullish run for a while now. The token showed positive results and good ROI, so such a sudden crash is unnatural. Just a few days back, the project invested close to $108 million USD in a Real-World Asset project.
What was alarming was that soon after the crash, the MANTRA team deleted the official telegram group. As a result, $3.5 billion in market cap just vaporized into thin air. To make matters worse, the MANTRA team sent $590 million worth of tokens to different exchanges. Not only that, the core team resigned as well. Therefore, the fear of an exit scam is getting more real by the second.
