PANews reported on April 14 that according to The Block, the OM token of MANTRA, a Layer 1 blockchain project focusing on real-world assets (RWA), dropped by about 10% between 01:20 and 02:20 Beijing time, and then suddenly plummeted from $5.21 to around $0.50 (as of the media's writing), a 90% crash within just 90 minutes. Before the project's public Telegram group became inaccessible, community leader Dustin McDaniel downplayed team selling accusations, stating he was unaware. At 04:51, MANTRA's X account updated that the crash was caused by reckless liquidation and was unrelated to the project itself. Co-founder John Patrick Mullin mentioned large OM investors being massively liquidated on CEX and stated they were addressing the issue. Previously, MANTRA had been accused of controlling a significant portion of the token's circulating supply and attempting to manipulate the token price. Mullin responded: "The OM token has been circulating since August 2020, longer than most critics have been in the crypto space."

Some investors pointed out that defillama data shows MANTRA protocol's TVL is only around $13 million, while its fully diluted valuation is as high as $9.5 billion, which could be a risk signal. Additionally, Castle Labs governance lead Insomniac discovered that three wallets recently transferred millions of dollars worth of OM tokens to OKX and Binance, with one wallet receiving about $36 million in OM tokens from Binance on March 21 and transferring about 4.3 million tokens to OKX on Saturday, suggesting potential selling.