It’s not often that we see multi-billion dollars worth of market capitalization being erased in a matter of hours.

This was the case with Mantra (OM). The protocol, which was largely considered as one of the best RWA crypto projects in 2025 went through a massive crash, which erased 90% of its market value in less than an hour.

The OM price went from above $6 to below $1 in a moment, while liquidations surpassed $70 million, according to data from Coinglass.

Speaking on the matter was JP Mullin, co-founder and CEO of the protocol, who explained:

We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice.

Sherpas, OMies, and broader crypto community,

First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.

We have determined that…

— JP Mullin (, ️) (@jp_mullin888) April 13, 2025

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