Huge Sum of $5,431,983,000 Vanishes with cryptocurrency RWA Altcoin Plummeting 90% in Short Timeframe - CEO Accuses Exchanges of Irresponsible Behavior
The Accusation: Centralized Exchanges Behind Mantra DAO's Sudden Token Collapse
In a shocking development, the CEO of a real-world asset (RWA)-focused crypto project, Mantra DAO, has accused unnamed centralized exchanges of playing a role in the recent collapse of their native token, OM. The sudden plummet in market cap, from over $6.11 billion to $683.3 million, occurred within hours on a Sunday, raising suspicions of negligence or intentional market positioning taken by the exchanges [1][4][5].
In a statement on the social media platform X, Mantra DAO's CEO, JP Mullin, claims that the crash was caused by reckless forced closures initiated by centralized exchanges on OM account holders [4]. He further states that these forced liquidations occurred during low-liquidity hours, suggesting they might have been planned or a result of poor internal oversight [4].
Hitting out at the exchanges, Mullins says, "When discretionary powers are exercised without due internal and external oversight, dislocations like what recently happened can occur, causing harm to both projects and investors alike." [4]. However, he does not name the specific exchanges he alleges triggered the loss of value, but he does rule out Binance [4].
At press time, OM is trading at $0.51, down a staggering 91.2% in the last 24 hours alone [1].
Stay tuned on X, Facebook, and Telegram for live updates
*Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before investing in Bitcoin, cryptocurrency, or digital assets.Please note that The Daily Hodl participates in affiliate marketing.
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- The sudden collapse of Mantra DAO's token, OM, has fueled accusations towards centralized exchanges for initiating reckless forced closures during low-liquidity hours.
- In a shocking development, the CEO of Mantra DAO, JP Mullin, claims that these forced liquidations likely resulted from negligence or intentional market positioning taken by the unnamed exchanges.
- The CEO's statement raises concerns about the discretionary powers exercised by centralized exchanges without proper internal and external oversight.
- As the crypto community awaits further updates, it's essential for investors to be vigilant and conduct thorough due diligence when investing in cryptocurrency, especially during times of market volatility.
- Meanwhile, in the broader finance and crypto industry, there has been significant activity such as the launch of privacy web apps on Arbitrum and Aleph Zero EVM, and anticipated stablecoin launches on Solana, indicating an evolving blockchain landscape with increasing demand for transparency and security.
