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.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly 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 passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
