MANTRA’s 88% crash sparks over $71 million in liquidations: Coinglass

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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.