On April 14th, OM (Mantra) token plummeted from around $6 to $0.57 in just a few hours, evaporating its market value by over $5.2 billion. The author believes that the sell-off was triggered by high-frequency trading (HFT) in the Binance perpetual contract market, with a single market order causing a price shock of about 5%, dominating price fluctuations. Subsequently, massive limit sell orders on OKX (including a single 2 million OM orders) suppressed prices, leading to a cross exchange liquidity gap and liquidation cascade. The article speculates that sellers may aggressively withdraw due to loan liquidation pressure or knowledge of insider information, and a wallet that pledged OM 448 days ago may be sold on OKX through associated wallets. Selling may involve borrowing USDT with OM as collateral and short selling through Binance. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=47&id=41234