MANTRA (OM) Crash of April 2025: 90% Drop in Hours and What Followed

Update 25 September 2026: This report was written on the evening of 13 April 2025, while the crash was still unfolding, and repeated accusations circulating on social media at the time. We have removed those unverified claims and replaced them with the documented course of events: MANTRA blamed forced liquidations by exchanges, announced a token burn, restructured the company in January 2026 and converted OM into the new MANTRA token in March 2026. On 25 September 2026 the value of one former OM was about 99.7 percent below its level before the crash.

Why Did MANTRA (OM) Crash on 13 April 2025?

On Sunday, 13 April 2025, the token of the MANTRA blockchain, OM, collapsed within hours. Based on Binance daily data, OM had closed at about $6.26 the day before and fell as low as $0.37 during 13 April, a drop of more than 90 percent. Billions of dollars in market value disappeared, and OM closed the following day at about $0.60.

OM price over 24 hours on 13 April 2025, source: TradingView

The fall began during low-liquidity hours on Sunday evening UTC, early morning in Asia. On social media, users speculated that the project team had sold large amounts of tokens. The team denied having sold its tokens. None of the accusations made that night were confirmed by an authority or a court at the time of this update.

How MANTRA Explained the OM Crash

In a statement on 13 April 2025, co-founder and CEO John Patrick Mullin attributed the collapse to "reckless forced closures initiated by centralized exchanges" on OM account holders. In his view, positions had been closed suddenly and without sufficient warning, at a time when little liquidity was available. MANTRA said it was investigating which exchange was involved.

What Happened After the Crash

• April 2025, token burn: MANTRA announced a plan to burn 300 million OM, including 150 million from Mullin’s own team allocation, to reduce the supply.
• 14 January 2026, restructuring: Mullin announced that the company would be restructured after "the most challenging year" in its history, with job cuts in business development, marketing, HR and support.
• 15 January 2026, migration deadline: holders of OM on Ethereum and other EVM networks were asked to move their tokens to the MANTRA chain by this date.
• Early March 2026, new token: OM was converted into the new MANTRA token at a ratio of one to four, meaning four MANTRA for every OM. Binance completed the swap at the beginning of March.
• 25 September 2026, price: MANTRA traded at about $0.0047 on Binance and CoinGecko. Four MANTRA, the equivalent of one former OM, were worth about $0.019, around 99.7 percent less than the close of $6.26 on 12 April 2025.

What the MANTRA Crash Shows

The OM collapse was one of the largest single-day losses of a top-tier token since the fall of Terra in 2022. It showed how fast a token with a concentrated supply and thin liquidity can fall once large positions are closed, whatever the trigger was. How forced liquidations drive such moves can be followed on our liquidations chart. For anyone holding tokens on an exchange, the case is also a reminder to look at the counterparty: our comparison of regulated exchanges shows which platforms operate under supervision. Current prices of the larger coins are on our crypto prices page.