Crypto Investor Lost $17 Million After Mantra’s Crash
Blockchain data has revealed that a major investor has suffered a massive loss following extreme market turbulence and a sharp price crash in Mantra (OM).
Roughly a month ago, this whale acquired 2.9 million OM tokens on Binance, investing nearly $18.7 million at an average price of $6.46 per token.
However, in a significant turn, the same wallet transferred 1.72 million tokens—worth just $1 million—back to Binance today, signaling a major retreat. Based on current valuations, the wallet is now down approximately $17 million.
OM’s price has plummeted nearly 90%, triggered by allegations of market manipulation that wiped $5 billion off the token’s market cap. The accusations center around two individuals previously linked to manipulation in the REEF token, who are now being blamed for OM’s collapse.
Before the crash, these figures reportedly sought to secure large loans using OM as collateral by applying to various lending platforms.
On-chain investigator ZachXBT, while tracking the situation, has remained silent on whether Mantra’s development team had prior knowledge of the alleged scheme.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
