Daily | Binance says OM flash crashes are mainly caused by cross-trading platform clearing; OKX releases an announcement on price fluctuations of MANTRA (OM)
Reprinted from chaincatcher
04/15/2025·12DCompiled by: Jerry, ChainCatcher
Important information:
- MANTRA's OM token price plummeted 90% in the early hours of the morning, and its team blamed "reckless liquidation"
- Zhao Changpeng responded to OM flash crash: Don’t chase narratives, CEX should no longer have a currency listing process, investors should decide their own trading products
- MANTRA Founder: OM's plunge is not caused by Binance, and it is caused by improper forced closing of other CEXs
- MANTRA: OM market volatility has been determined by CEX forcibly closing accounts to token holders
- Binance responds to OM flash crash: mainly caused by cross-trading platform clearing, and will closely monitor developments
- Bybit CEO: Let students trade contracts without evidence
- VC practitioners revealed: OM mode is ground-promoting 0TC disk, with a scale of US$500 million
- OKX will be launched on WCT spot trading on April 15
- OKX releases an announcement on price fluctuations about MANTRA (OM)
“What important events have happened in the past 24 hours”
According to The Block, the OM token of MANTRA, the Layer 1 blockchain project focused on real-world assets (RWA), fell about 10% between 01:20 and 02:20 Beijing time today, and then suddenly plummeted from the then $5.21 to about $0.50 (as of press time), and plummeted 90% in just 90 minutes. Before the project's public-facing Telegram group was inaccessible, community head Dustin McDaniel downplayed the team's sell-off allegations, saying it was unaware. At 04:51 a.m., MANTRA's X account updated that the plunge was triggered by reckless liquidation and had nothing to do with the project itself. Co-founder John Patrick Mullin mentioned that a large OM investor was subject to a large-scale forced liquidation in CEX and said it was dealing with it.
Previously, MANTRA was accused of controlling a large proportion of the token's supply in circulation and trying to manipulate the price of the token. Mullin responded: “OM tokens have been in circulation since August 2020, which has been in the crypto space for more than most doubters.”
Some investors pointed out that DeFiLlama data shows that MANTRA protocol TVL is only about $13 million, while its token is fully diluted and its valuation is as high as $9.5 billion, which may be a risk signal. In addition, Insomniac, head of governance at Castle Labs, found that three wallets recently transferred millions of dollars of OM tokens to OKX and Binance. One of the wallets received about $36 million of OM tokens from Binance on March 21, and transferred about 4.3 million tokens to OKX on Saturday, suggesting a possible sell-off.
After the OM decline this morning, Zhao Changpeng posted an article on the X platform to advise investors, "Don't chase narratives. Adhere to basic principles, users, income and profitable projects." In response to the community's doubts about "OM flash crash, whether the Binance platform does due diligence for it", Zhao Changpeng once again emphasized that CEX should no longer have a currency listing process, and investors decide on the trading products themselves.
MANTRA founder JP Mullin responded to the OM plunge on social media, saying that the market imbalance was not caused by the token sale of tokens by the team, MANTRA Chain Association, its core consultants or MANTRA investors, nor was it caused by Binance, which was caused by improper forced closing of other CEXs.
JP Mullin said the market imbalance was not caused by the token sale of tokens by the team, the MANTRA Chain Association, its core consultants or MANTRA investors. The token remains locked and follows the announced unlocking period. In the next few hours, the team will hold a community link event on X platform to further discuss these events.
MANTRA: OM market volatility has been determined by CEX forcibly closing accounts to token holders
MANTRA posted on X platform that it has been determined that the OM market fluctuations were triggered by CEX's reckless forced closure of token account holders. The time and depth of the plunge indicated that the account positions were suddenly closed without sufficient warning or notification. This happened during the period of low liquidity on Sunday night of Universal Standard Time (UTC) (early morning Asian time), indicating that CEX has some degree of negligence or may have been deliberately adopted by market position.
CEX partners play an important role in providing liquidity to projects, but they still exercise extremely high discretion. If discretion is exercised without proper internal and external supervision, chaos like the ones that have recently occurred can happen and will eventually happen, causing damage to both the project and the investors. It should be clear that this chaos was not caused by the sale of tokens by the team, MANTRA Chain Association, core consultants or MANTRA investors. The tokens are still locked and bound by the published vesting period. The economics of the token remains unchanged. Please do not click on any scam links or impersonate MANTRA accounts.
Binance official issued a statement saying that it noticed that the MANTRA token OM had severe price fluctuations. Preliminary investigation found that the fluctuations in the past day were mainly caused by cross-trading platform clearing.
Since October last year, Binance has implemented a number of risk control measures on OM tokens, including reducing leverage levels. Binance will continue to monitor leverage levels and adjust them according to market conditions to strengthen risk control and help reduce volatility.
Since January this year, Binance has also enabled pop-up prompts for OM on the spot trading page to remind users that the token's token economic model has undergone major changes and the supply has increased.
Binance will continue to pay close attention to developments and take appropriate actions to protect user interests and maintain the stability and impartiality of the platform.
Bybit CEO: Let students trade contracts without evidence
Bybit co-founder and CEO Ben Zhou responded to recent allegations of misconduct about Bybit on X.
He said that there is no evidence for the so-called "promoting contract transactions in schools", "legal reporting OKX wallets" and "collecting currency fees", calling these contents unreasonable rumors, emphasizing: "The currency circle is so chaotic because there is no evidence and rumors."
VC practitioners revealed: OM mode is ground-promoting 0TC disk, with a scale of US$500 million
According to HashKey Capital members Rui and ArkStream Capital Founding Partner Ye Su on X, the cryptocurrency project MANTRA (OM) is a "ground-promoting 0TC" with an off-site trading scale of US$500 million. It operates in a circular manner using the "new 0TC tokens to connect to the old 0TC seller" mode until the final unlocked chip "0TC remains unmoved".
According to reports, in 2023, when OM token FDV fell to $20 million and was almost abandoned, a Middle Eastern capital intervened in the acquisition with the help of the middleman and only retained its position as CEO. The Middle East Capital owns a large number of physical assets such as luxury homes, resorts, etc., and then packages the OM into a physical asset tokenization (RWAfi) project.
Ye Su said that under high control of the market, OM set a record high in Binance's 2024 growth, achieving 200 times growth, and the team is still promoting the "OTC" business recently.
OKX will be launched on WCT spot trading on April 15
According to the official announcement, OKX will launch WCT (WalletConnect) spot trading on April 15. The specific time schedule is as follows: WCT call auction time period: 10:00 am to 11:00 (UTC) on April 15; WCT/USDT spot trading opening time: 11:00 am (UTC) on April 15; WCT open withdrawal time: 11:00 am (UTC) on April 16.
OKX releases an announcement on price fluctuations about MANTRA (OM)
According to the official announcement, OKX recently noticed that the MANTRA project token OM has undergone a significant fluctuation: after the token rose sharply in early November 2024, at 2:28:32 am (UTC+8) on April 14, 2025, it was the first to see a rapid price decline and trading volume increase on other trading platforms, and then the entire market experienced a sharp decline of more than 80% in a short period of time.
At the same time, based on the on-chain public data and internal exchange data, the project token economic model has undergone major changes since October 2024; at the same time, from the beginning of March to the present, multiple on-chain addresses with similar operating modes have undergone large-scale recharge and withdrawal behaviors by each exchange.
At the same time, based on the above market risks, OKX has adjusted a series of risk control parameters on the platform to resist market risks. At the same time, OKX reminds users that the market risks have been high in the near future, and some tokens may have significant changes in the supply of tokens, which will have significant fluctuations and impacts on the token price. Users are asked to conduct a prudent analysis of the project situation during trading.
“What are some great articles worth reading in the past 24 hours”
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Meme Popular List
According to the market data of Meme token tracking and analysis platform GMGN , as of April 14, 19:50:
The top five popular Ethereum tokens in the past 24h are: TKX, HANDSOFF, MTHA, SPX, PEPE
The top five popular tokens in the past 24h Solana are: PIPE, TRUMPE, OMJAIL , MOON, S&P500
The top five popular tokens in the past 24h Base are: degeninme, VIRTUAL, SKINME, GRK, DRB
