OM Mantra Cryptocurrency Crashes 90%, Team Allegedly Dumps 90% of Token Supply
In a devastating blow to investors, the OM Mantra cryptocurrency has collapsed by approximately 90% in the past 24 hours, with the price plummeting to $0.58.
In a stunning turn of events, the OM Mantra (OM) cryptocurrency has crashed by about 90% in the past 24 hours. The token, which had reached a high of around $5.3 earlier on Wednesday, fell to $0.58 at the time of writing.
The crash has wiped out an estimated $3.5-4.5 billion in market capitalization, rendering huge losses for investors who had bought high on the token.
The dramatic downturn appears to be fueled by allegations that the project team has dumped their entire token allocation, which is said to comprise around 90% of the total circulating supply.
Multiple sources on social media claim the team has also deleted Mantra's official Telegram group, cutting off communication with investors during the crisis.
The project team has not yet provided any statement regarding the token price collapse or the closure of the Telegram group.
The Mantra crash is being described as one of the most significant cryptocurrency scandals in recent times. Some market observers have gone as far as labeling it "one of the biggest scams" in crypto, given the allegations of deliberate market manipulation.
Social media reports suggest the team had control of the supply and manipulated prices to facilitate over-the-counter (OTC) dumping of their tokens. Some community members are now calling for legal action, suggesting the team "belongs in prison" following these events.
News data source: kdj.com
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