OKX Faces Scrutiny as Mantra’s OM Token Plummets 90% Amid Liquidation Crisis

The cryptocurrency market opened the week with Bitcoin struggling to stabilize above key resistance levels, while Mantra’s OM token suffered a catastrophic 90% crash linked to forced liquidations on exchanges. Blockchain data reveals suspicious OM transfers to OKX prior to the collapse, prompting questions about exchange oversight as CEO Star Xu addresses the fallout.

Crypto Daybook Americas: $5.4B Loss Devastates Investors

The new week starts quietly with Bitcoin attempting to stabilize above the downtrend line from record highs, facing resistance at $86K. FLR, TRX, and SOL outperform the market, while the OM token of the RWA protocol Mantra crashes 90% to 70 cents due to forced liquidations on crypto exchanges. Blockchain analyst Spot On Chain notes significant OM token movements to OKX three days before the crash. OKX’s CEO Star Xu labels the collapse a major scandal for the crypto industry, emphasizing the transparency of on-chain data across major exchanges.

Mantra Crash News: OKX Reveals Major Changes to OM Tokenomics Amid 90% Plunge

Recently, the OM token from the Mantra chain crashed over 90% in just an hour, wiping out over $5.5 billion in value and causing havoc in the crypto market. The crash started when a wallet possibly linked to the OM team deposited 3.9 million OM tokens on OKX, alerting the community since the team controls nearly 90% of the total OM supply. Although Mantra claims limited involvement, internal moves and market reactions triggered the dramatic sell-off. Over the past year, the OM team has faced criticisms for price manipulation. The latest deposit triggered a chain reaction that sent the token’s value spiraling downwards.