Source: Cointelegraph Original: "{title}"
The recent token crash of Mantra highlights an issue in the cryptocurrency industry: fluctuations in weekend liquidity levels can lead to additional downward volatility, which may have exacerbated the token's decline.
According to Cointelegraph, on April 13, the price of Mantra's OM token plummeted from about $6.30 to below $0.50, a drop of over 90%, raising questions among disappointed investors about market manipulation.
Gracy Chen, CEO of cryptocurrency exchange Bitget, stated that while blockchain analysts are still sorting through the reasons behind the OM crash, this incident underscores some key issues facing the cryptocurrency industry.
"The OM token crash reveals several key issues that are not only present in OM but are also challenges faced by the entire industry," Chen said during Cointelegraph's daily X show Chainreaction, adding:
🎙️ CEXs hit with outages as AWS runs into trouble. The question is, do we need more decentralization? Today, @RKBaggs and @ZVardai are joined by @GracyBitget, CEO of @Bitgetglobal on #CHAINREACTION to unpack the problem! https://t.co/OPoyu1IORC
According to blockchain analytics platform Lookonchain, citing data from Arkham Intelligence on April 13, at least two wallets associated with Mantra investor Laser Digital were involved in transferring a total of 43.6 million OM tokens (worth about $227 million at the time) to exchanges from 17 wallets before the crash.
However, as reported by Cointelegraph on April 14, Mantra CEO John Mullin denied allegations of large-scale token transfers by Mantra investors.
Mantra issued a statement on April 16 following the crash, reiterating that the OM decline was unrelated to the project's own token sales and stating that the Mantra team is continuing to investigate the incident. The statement did not explain the reasons for the rapid transfer of OM tokens to exchanges and the subsequent liquidation.
While the specific cause of the crash remains unclear, Mullin attributed the decline to "massive forced liquidations" occurring on centralized exchanges during periods of low liquidity on Sunday.
Mullin told an X user that the Mantra team believes a "specific" exchange should be held responsible, but noted that the team is still "determining the details," pointing out that the exchange in question is not Binance.
"I believe OKX is the main exchange accused of the so-called liquidations," Chen stated, adding that large transfers to multiple exchanges raised significant warning signals. She further noted:
Weekend liquidity issues even affected major cryptocurrencies like Bitcoin (BTC).
According to Cointelegraph, due to insufficient trading volume over the weekend, combined with Bitcoin's around-the-clock liquidity characteristics, Bitcoin fell below $75,000 on April 6 (Sunday).
Lucas Outumuro, head of research at cryptocurrency intelligence platform IntoTheBlock, told Cointelegraph that the adjustment on April 6 may have been because, amid global trade war concerns, Bitcoin was the only large tradable asset available to reduce risk over the weekend.
Related: Mantra issues statement after OM token crash, key questions remain unanswered.
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