MANTRA's 88% crash sparks over $71 million in liquidations: Coinglass
Quick Take The OM token plunge has seen over $71.8 million in liquidations over the past 24 hours. The project’s co-founder disclosed that the price movements were caused by “reckless forced closures” initiated by centralized exchanges on OM account holders.

The abrupt crash of MANTRA (OM) has triggered over $71.8 million in liquidations in the past 24 hours, with the token plunging more than 88%.
Specifically, 10 positions each saw liquidations exceeding $1 million, according to Coinglass data . The liquidation data are based on publicly available data — which may understate the true extent of market liquidations.
The token of MANTRA, a Layer 1 blockchain focused on real-world assets, suddenly tanked about 10% within an hour on Sunday before plummeting from $5.21 to its current value of around $0.74 — down 88.2% in the past 24 hours — according to The Block's MANTRA price page .
John Patrick Mullin, the project's co-founder, said in an X post that OM's drastic price movements were triggered by "reckless forced closures initiated by centralized exchanges on OM account holders."
"The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice," Mullin added.
The Block has reached out to Mullin and MANTRA for further comment.
Last year, a Hong Kong court ordered six individuals associated with MANTRA DAO to disclose financial records related to the project following a lawsuit alleging they had misappropriated DAO assets. The defendants argued that the assets are owned by token holders.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
French AI start-up Mistral seeks funding at $10B valuation to compete with U.S., Chinese rivals
Share link:In this post: Mistral has announced its plan to raise $1B at a $10B valuation, up from €5.8B. The company’s revenue is on track to go beyond $100M annually. The raised funds may support its planned €8.5B data center project.
Florida leads U.S. solar boom with 3GW surge, beating California
Share link:In this post: Florida added over 3GW of utility-scale solar in one year, surpassing California. Florida Power & Light built more than 70% of the state’s new solar capacity. Trump’s new law cuts solar tax credits, hurting homeowners and developers.
Arthur Hayes calls BTC at $100K, ETH at $3K after dumping $10M+ crypto
Share link:In this post: Arthur Hayes sold over $13 million in crypto, including ETH, ENA, and PEPE, within hours. He predicts Bitcoin will “test” $100K and Ethereum will dip to $3K due to macroeconomic pressures. The BitMEX founder cites weak U.S. job data and the upcoming tariff bill as key bearish indicators.

Anthropic restricts Claude API access for OpenAI
Share link:In this post: Anthropic cut OpenAI’s API access after discovering it was using Claude in violation of terms, allegedly to benchmark and fine-tune GPT-5 through unauthorized custom API integration. Anthropic will introduce weekly usage caps for Claude Code starting August 28, affecting all paid tiers, to reduce excessive background usage. High demand for Claude Code has strained Anthropic’s systems, causing multiple service outages in the past month.

Trending news
MoreCrypto prices
More








