The sudden drop of the MANTRA (OM) Token has caused over $71.8 million in liquidation within the past 24 hours, with the Token's value plummeting by more than 88%.
Specifically, 10 positions were liquidated, each exceeding $1 million, according to data from Coinglass. These figures are publicly provided, though they may not fully reflect the actual market liquidation level.
MANTRA, a Layer 1 blockchain specializing in real assets, sharply declined by approximately 10% within just one hour on Sunday, falling from $5.21 to $0.74 – a 88.2% drop in 24 hours.
John Patrick Mullin, the project's co-founder, stated in a post on X that the significant price volatility of OM was due to "forced position closures from centralized exchanges against OM account holders."
"The magnitude and timing of the decline indicate that account positions were suddenly closed without adequate warning or notification," Mullin added.
Last year, a Hong Kong court requested six individuals associated with MANTRA DAO to publicly disclose financial records related to the project, following a lawsuit alleging they had misappropriated DAO assets. The defendants claimed these assets belonged to Token holders.
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The article MANTRA Token price drops 88%, $71 million liquidated first appeared on CoinMoi.
