A trader has lost $3.3 million in MANTRA (OM) token as its price crashes 90% in a catastrophic fall and becomes talk of the town in crypto space. The drop in MANTRA price has sent shockwaves through the crypto markets with it wiping out over $5 billion from the token’s market cap.
The trader, aliased JB, calls out to the MANTRA team and Binance officials on X, stressing about his investment of $3.5 million in the token which is now merely $200,000 after the price drop of 93% earlier today.
“My intention was to support the future of RWAs,” JB said, “I conducted thorough due diligence, and the supposed partnership with a leading UAE property company was a key factor in my investment decision — a claim that gave the illusion of credibility and legitimacy.”
The trader emphasizes that as the RWA sector is meant to be bringing transparency through real world applications, it’s disappointing to have such an incident happen with the project. MANTRA was one of the largest crypto projects in the Real world asset (RWA) tokenization sector with its market cap sitting over $6 billion before the price crash – as per Coinmarketcap data.
While the primary reason behind token’s price crash is claimed to be MANTRA team’s transfer of 3.9 million OM tokens to OKX exchange, it drove a chain of reaction from market players with alleged insiders and key investors selling their OM tokens all at once in a thin liquidity market.
JB also alleges Binance founder CZ and the current CEO Richard Teng in the MANTRA price crash and claims that the funds are pocketed by them “in what looks like a well orchestrated liquidity exit.” The trader also warns that he will be going legal against culprits if this situation is not acknowledged and addressed appropriately by them.
“I will have no choice but to escalate this through formal legal channels. My crypto legal representatives Burwick Law will be in touch” he said.
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