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 Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
