Mantra (OM) CEO Made a Statement About the Fall, Targeted a Stock Exchange! Here Are the Details…

The sharp declines in altcoins listed on Binance such as ACT, TST, MASK and LEVER in the past weeks created a bomb effect on the market.

After these declines, the altcoin named Mantra (OM), which is also listed on Binance, fell by 87% today.

While this decline has a shocking effect on investors, everyone is asking why.

At this point, MANTRA CEO John Patrick Mullin said in a statement that no team member or partner has sold OM tokens.

Speaking at the 2025 BTCON RWA Summit in Seoul and making statements from his X account, MANTRA CEO touched on the recent drop in the price of the OM token.

Mullin did not say that the drop was an exploit or an attack, but rather that they determined that the drop was triggered by centralized exchanges recklessly instituting forced shutdowns of OM account holders.

Claiming that a large investor on a centralized exchange experienced a forced liquidation of their OM token, Mullin told an X user that they believe one exchange in particular is to blame but are still trying to sort out the details.

He told another user that the centralized exchange in question was not Binance.

The CEO emphasized that neither he, nor his team, nor the Swiss team, nor advisors, nor key partners sold any OM tokens, saying:

“The timing and depth of the collapse suggest that account positions were closed very abruptly without adequate warning or notification.

The fact that this occurred during low liquidity hours, Sunday evening UTC Asian time, suggests at best negligence or deliberate market positioning by centralized exchanges.”

“Mantra’s Decline is a Huge Scandal!”

While the suspicion on the stock exchanges continues, a comment also came from OKX, one of the leading stock exchanges.

Accordingly, OKX founder and CEO Star Xu said that the MANTRA collapse was a ‘big scandal’ and promised to release related reports soon.

He emphasized that all on-chain data regarding token unlocks and deposits are publicly available, and collateral and liquidation data from major exchanges can be reviewed. He added that OKX will make all relevant reports available.

Binance stated in its statement that initial findings showed that the sudden drop in the price of the OM token was due to liquidations between exchanges.

OM continues to trade at $0.77 at the time of writing.

*This is not investment advice.

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