The sharp decline in altcoins listed in Binance, including ACT, TST, masks, levers, and more over the past few weeks has had a bomb effect on the market.
After these reductions, the Altcoin named Mantra (OM), also listed in Binance, has now dropped by 87% today.
This decline has a shocking impact on investors, but everyone is asking why.
At this point, Mantra CEO John Patrick Mullin said in a statement that no team members or partners have sold OM tokens.
Speaking at the 2025 BTCON RWA Summit in Seoul and issued a statement from his X account, Mantra CEO touched on the recent drop in price for OM tokens.
Marine did not say that the drop was an exploit or attack, but rather determined that the drop was triggered by a central exchange that recklessly enacted a forced shutdown of the OM account owner.
Claiming that large investors in centralized exchanges have experienced forced liquidation of OM tokens, Mullin told X users that they believe one exchange in particular is responsible, but they are still trying to sort out the details.
He told another user that central exchange of issues is not Binance.
The CEO emphasized that neither he, his team, Swiss team, advisors, nor key partners have sold OM tokens.
“The timing and depth of the collapse suggests that the account location was closed very suddenly without proper warning or notification.
The fact that this occurred during low liquidity times, the UTC Asian era on Sunday evening suggests intentional market positioning due to negligence or centralized exchange at best. ”
“The decline of the mantra is a huge scandal!”
The stock exchange suspicions continue, but comments also came from OKX, one of the major stock exchanges.
Therefore, OKX founder and CEO star Xu said the mantra collapse was a “big scandal” and promised to release relevant reports immediately.
He emphasized that all on-chain data on token unlocking and deposits have been published and that collateral and liquidation data from major exchanges can be reviewed. He added that OKX will make all related reports available.
Binance said in a statement that the initial findings showed that the sudden drop in the price of OM tokens was due to liquidation between exchanges.
OM continues to trade for $0.77 at the time of writing.
*This is not investment advice.
