OM Mantra Cryptocurrency Plummets 90% Amid Allegations of Team Dumping

The OM Mantra cryptocurrency has experienced a catastrophic collapse, with its value plummeting by approximately 90% within the past 24 hours. The price of OM Mantra has dropped to $0.58, resulting in the destruction of an estimated $3.5-4.5 billion in market capitalization. This sudden and dramatic downturn has sent shockwaves through the cryptocurrency community, leaving investors scrambling for answers and seeking to understand the full extent of their losses.

The crash appears to have been triggered by allegations that the project team behind Mantra dumped their entire token allocation, which represents approximately 90% of the total circulating supply. Multiple sources on social media claim that the team has also deleted Mantra's official Telegram group, effectively cutting off communication with investors during this crisis. This lack of communication has only served to fuel speculation and distrust among investors, who are now calling for legal action and accountability from the team.

Critics are characterizing the Mantra crash as one of the most significant cryptocurrency scandals in recent memory, with some market observers labeling it "one of the biggest scams" in crypto. Allegations of deliberate market manipulation have surfaced, with social media reports suggesting that the team controlled the supply and manipulated prices to facilitate over-the-counter (OTC) dumping of their tokens. Some community members are calling for legal action, suggesting that the team "belongs in prison" following these events.

The incident has drawn comparisons to previous cryptocurrency collapses, with some referring to it as "Terra Luna V.2" – referencing another notorious crypto crash that similarly destroyed billions in investor value. The spectacular collapse occurred in under an hour according to some accounts, leaving investors with little time to react. Social media platforms are now flooded with shocked reactions as holders attempt to understand the full extent of their losses.

As of this report, there has been no official statement from the Mantra team addressing these allegations. The cryptocurrency, which had been seeing positive momentum in recent weeks, now faces an uncertain future as trust in the project appears fundamentally broken. Investors who have suffered losses are advised to document their holdings and transactions as the situation continues to develop.

This event serves as a stark reminder of the risks associated with investing in cryptocurrencies, particularly those with centralized control over the token supply. The lack of transparency and accountability from the Mantra team has only exacerbated the situation, leaving investors feeling betrayed and uncertain about the future of their investments. As the cryptocurrency community continues to grapple with the fallout from this scandal, it remains to be seen how the situation will unfold and what measures will be taken to prevent similar incidents in the future.