Mantra (OM) Token Plummets Over 90% in 24 Hours

Mantra (OM), an L1 blockchain focused on real-world asset (RWA) tokenization, has seen its price plummet by over 90% in 24 hours.
On the 13th (local time), OM tokens crashed by about 90%, and some traders said that this was the most serious problem since the LUNA incident.
On that day, Mantra Token fell from about $6.30 to under $0.50, wiping out over $6 billion in market capitalization.
Currently, the OM token has fallen to $0.8245 on CoinGecko, a sharp drop of 86.9% from 24 hours ago.
The exact cause of the crash is still unclear, but some in the market are calling this a rug pull.
Some have even called it a rug pull. One market investor, Gordon, wrote on his social media account, "The team needs to take a stance on this situation. OM tokens are worth 0
"This looks like the biggest rug pull since LUNA and FTX," said Mantra co-founder JP
Mullin has directly spoken out about the price crash, explaining that the project’s Telegram channel is still up and running.
"We are here and we're not leaving," he said, before revealing the wallet address of the tokens held by the Mantra team to confirm their holdings.
Mantra Team officially explained that the recent price crash was "caused by reckless liquidation, not by the team's actions."