MANTRA's 88% crash sparks over $71 million in liquidations: Coinglass

The abrupt crash of MANTRA (OM) has triggered over $71.8 million in liquidations in the past 24 hours, with the token plunging more than 88%.

Specifically, 10 positions each saw liquidations exceeding $1 million, according to Coinglass data. The liquidation data are based on publicly available data — which may understate the true extent of market liquidations.

The token of MANTRA, a Layer 1 blockchain focused on real-world assets, suddenly tanked about 10% within an hour on Sunday before plummeting from $5.21 to its current value of around $0.74 — down 88.2% in the past 24 hours — according to The Block's MANTRA price page.

John Patrick Mullin, the project's co-founder, said in an X post that OM's drastic price 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," Mullin added.

The Block has reached out to Mullin and MANTRA for further comment.

Last year, a Hong Kong court ordered six individuals associated with MANTRA DAO to disclose financial records related to the project following a lawsuit alleging they had misappropriated DAO assets. The defendants argued that the assets are owned by token holders.