Daily Report | Binance stated that the OM flash crash was mainly triggered by cross-platform liquidation; OKX released an announcement regarding the price fluctuations of MANTRA (OM)
April 14 News Overview整理：Jerry，ChainCatcher
Important News:
- The price of MANTRA's OM token suddenly plummeted 90% in the early morning, with the team blaming "reckless liquidation"
- Zhao Changpeng responds to the OM flash crash: Don't chase narratives, CEX should no longer have listing processes, investors should decide their own trading pairs
- MANTRA founder: The OM crash is not caused by Binance, but by improper forced liquidations from other CEXs
- MANTRA: It has been confirmed that the market volatility of OM was caused by CEX forcibly closing accounts of token holders
- Binance responds to the OM flash crash: Mainly caused by cross-exchange liquidations, will closely monitor the situation
- Bybit CEO: No evidence of students trading contracts
- VC practitioner reveals: The OM model is a ground promotion 0TC scheme, with a scale of 500 million USD
- OKX will launch WCT spot trading on April 15
- OKX releases announcement regarding MANTRA (OM) price volatility
"What important events happened in the past 24 hours"
According to The Block, the OM token of the Layer 1 blockchain project MANTRA, which focuses on real-world assets (RWA), fell about 10% between 01:20 and 02:20 Beijing time today, and then suddenly crashed from $5.21 to about $0.50 (as of the media's publication), plummeting 90% in just 90 minutes. Before the public Telegram group of the project became inaccessible, community leader Dustin McDaniel downplayed the team's selling accusations, stating that he was unaware of the situation. At 04:51, MANTRA's X account updated, stating that the crash was caused by reckless liquidation and was unrelated to the project itself. Co-founder John Patrick Mullin mentioned that large OM investors were forcibly liquidated on CEX and stated that they were addressing the issue.
Previously, MANTRA had been accused of controlling a large proportion of the token's circulating supply, attempting to manipulate the token price. In response, Mullin stated, "The OM token has been circulating since August 2020, longer than most skeptics have been in the crypto space."
Some investors pointed out that DeFiLlama data shows that the MANTRA protocol's TVL is only about $13 million, while its fully diluted valuation is as high as $9.5 billion, which could be a risk signal. Additionally, Castle Labs governance head Insomniac discovered that three wallets recently transferred millions of dollars worth of OM tokens to OKX and Binance, one of which received about $36 million in OM tokens from Binance on March 21 and then transferred about 4.3 million tokens to OKX on Saturday, suggesting a possible sell-off.
Zhao Changpeng suggested to investors on the X platform after the OM drop this morning, "Don't chase narratives. Stick to the fundamentals: projects with users, revenue, and profit." In response to community concerns about whether Binance conducted due diligence on the "OM flash crash," Zhao reiterated that CEX should no longer have listing processes, and investors should decide their own trading pairs.
MANTRA founder JP Mullin responded on social media regarding the OM crash, stating that this market imbalance was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA's investors selling tokens, nor was it caused by Binance, but rather by improper forced liquidations from other CEXs.
JP Mullin stated that this market imbalance was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA's investors selling tokens. The tokens remain locked and follow the announced unlocking schedule. In the coming hours, the team will hold a community call on the X platform to further discuss these events.
MANTRA stated on the X platform that it has confirmed that the market volatility of OM was caused by CEX recklessly forcing the closure of accounts of token holders. The timing and depth of the crash indicate that account positions were suddenly closed without sufficient warning or notice, occurring during a low liquidity period on Sunday night (early morning in Asia), suggesting a degree of negligence on the part of CEX, or possibly intentional market positioning.
CEX partners play an important role in providing liquidity for projects, but they still exercise a high degree of discretion. If discretion is exercised without appropriate internal and external oversight, chaotic situations like the recent one can occur and will ultimately happen, causing harm to both the project and investors. It should be clarified that this chaos was not caused by the team, the MANTRA Chain Association, core advisors, or MANTRA investors selling tokens; the tokens remain locked and are subject to the announced vesting period, and the tokenomics remain unchanged. Users are reminded not to click on any scam links or impersonate MANTRA accounts.
Binance officially stated that it has noticed the severe price fluctuations of the MANTRA token OM, and preliminary investigations found that the fluctuations in the past day were mainly caused by cross-exchange liquidations.
Since October last year, Binance has implemented several risk control measures for the OM token, including reducing leverage levels. Binance will continue to monitor leverage levels and adjust them based on market conditions to strengthen risk control and help reduce volatility.
Since January this year, Binance has also enabled pop-up reminders on the spot trading page for OM, reminding users that the token's economic model has undergone significant changes, and the supply has increased.
Binance will continue to closely monitor the situation and take appropriate actions to protect user interests and maintain the stability and fairness of the platform.
Bybit CEO: No evidence of students trading contracts
Bybit co-founder and CEO Ben Zhou responded on the X platform to recent allegations of misconduct against Bybit.
He stated that the claims of "promoting contract trading in schools," "reporting OKX wallets to legal," and "charging listing fees" have no evidence, calling these claims baseless rumors, emphasizing, "The crypto space is chaotic because of the lack of evidence and rumors."
According to Rui from HashKey Capital and Ye Su, founding partner of ArkStream Capital, the cryptocurrency project MANTRA (OM) is a "ground promotion 0TC," with an over-the-counter scale of 500 million USD, operating in a cycle of "new 0TC tokens taking over old 0TC sell-offs" until the last unlocked chips "0TC remain unchanged" explode.
According to the revelations, in 2023, when the FDV of the OM token fell to 20 million USD and was nearly abandoned, a Middle Eastern capital intervened through an intermediary to acquire it, retaining only the CEO position. This Middle Eastern capital owns a large number of physical assets such as luxury homes and resorts, and subsequently packaged OM as a real asset tokenization (RWAfi) project.
Ye Su stated that under high control, OM achieved the highest increase on Binance in 2024, realizing a 200-fold growth, and the team is still promoting the "OTC trading" business.
OKX will launch WCT spot trading on April 15
According to the official announcement, OKX will launch WCT (WalletConnect) spot trading on April 15, with the following schedule: WCT collective auction time: April 15, 10:00 to 11:00 (UTC); WCT/USDT spot trading opening time: April 15, 11:00 (UTC); WCT withdrawal opening time: April 16, 11:00 (UTC).
OKX releases announcement regarding MANTRA (OM) price volatility
According to the official announcement, OKX has recently noticed significant fluctuations in the MANTRA project token OM: after a significant increase in the token in early November 2024, at 2:28:32 am (UTC+8) on April 14, 2025, a rapid price drop and increased trading volume occurred first on other trading platforms, followed by a market-wide drop of over 80% in a short time.
At the same time, based on on-chain public data and internal exchange data, since October 2024, there have been significant changes in the project's token economic model; meanwhile, since early March, multiple on-chain addresses with similar operational patterns have exhibited large deposit and withdrawal behaviors across exchanges.
Based on the aforementioned market risks, OKX has adjusted a series of risk control parameters on the platform to guard against market risks. At the same time, OKX reminds users that recent market risks are high, and some tokens may experience significant changes in token supply, leading to significant fluctuations and impacts on token prices. Users are advised to conduct careful analysis of project conditions when trading.
"What are the must-read articles in the past 24 hours"
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Severe impact, promoting contract trading experience to college students is absolutely unacceptable
Even though the overall crypto trading platform is facing a bottleneck in user growth, this does not mean that college students can be used as a breakthrough for business expansion. Such behavior poses compliance risks and has a long-term negative impact on the industry's image.
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Infrastructure, decentralized AI, and real applications are taking over.
Meme Hot List
According to the meme token tracking and analysis platform GMGN, as of April 14, 19:50:
The top five popular Ethereum tokens in the past 24 hours are: TKX, HANDSOFF, MTHA, SPX, PEPE
The top five popular Solana tokens in the past 24 hours are: PIPE, TRUMPE, OMJAIL, MOON, S\&P500
The top five popular Base tokens in the past 24 hours are: degeninme, VIRTUAL, SKINME, GRK, DRB
