Mantra's OM token has seen a dramatic downturn, plunging by over
90%, leading to wiped out market shares worth billions. This crash reportedly occurred within an hour, drawing attention to liquidity issues within the crypto market. The team attribute this downfall to
'reckless liquidations' and exchanged policies. Despite a slight rebound after the co-founder promised 'post-mortem', the OM price is attempting to recover, with trust in the token waning. In response to this, Mantra's CEO denied any insider dumping and promised burning of 300 million team tokens to regain trust. Some attach the crash to 'forced liquidation turmoil', accusing the exchanges of being 'reckless', while others link it to insider trading allegations. The team is reportedly finalizing details of the burning program and a buyback is underway, with the CEO starting the process of burning his 150M OM tokens. A surge was experienced after the listing of the coin on Upbit, opening up the possibility of recovery, however, concerns persist about excessive risk akin to LUNA-level risk.
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