Australia’s crypto community is reeling after MANTRA’s OM token dropped by 90% in a few hours. The price plunged from USD $5.21 to just $0.50 before a slight recovery to $1.20. The fall wiped out over USD $5.4 billion in market value, sparking fears across global crypto markets.
The drop came after $66.97 million in forced liquidations. Data shows that 17 wallets sold 43.6 million OM tokens to exchanges. These trades happened just before the crash. Reports also suggest large off-exchange sales at steep discounts.
Experts say the crash was not random. MANTRA’s team controlled almost 90% of the token supply in a single wallet and it very little available for trading. When big holders began selling, the market couldn’t handle the pressure.
Meanwhile, high insider ownership led to a domino effect. Once panic selling began, cascading liquidations followed. This pushed the price down even faster.
Before the crash, OM looked strong. It had risen 825% year-on-year and reached a high of $9.04 in February. But critics now say this growth was not organic.MANTRA held back promised airdrops.
The crash has raised concerns about who controls tokens and how transparent the crypto market really is. Experts warn that when insiders influence prices, it puts everyday investors at serious risk. And once trust is lost, things can unravel fast.
For Aussie investors, it’s a wake-up call. Crypto must be truly decentralised and transparent — without that, the risks only get bigger.