The OM Token Collapse— One for the Crypto History Books.

Mantra DAO’s token OM dropped an eye-watering 95%, wiping out an estimated $6 billion in value in under an hour, marking the fastest and most severe single-asset collapse in DeFi history, second only to Terra LUNA’s fall from grace.

This event will chant its way into crypto history books alongside LUNA, albeit for different reasons.

Before the drop, OM hummed at just over $6, with market sentiment mindfully aligned toward a $10 target this bull run. It sank to a low of $0.35 and now sits at around $0.5.

The major drop casts serious doubt over the DAO’s financial stability and raises urgent questions about its long-term viability — both for the project itself and the broader blockchain ecosystem it’s built on.

This story is still breaking, and I will be posting updates below.

UPDATE:

The MANTRA team has just deposited 38M ($26.96 million dollars) to a Binance Cold wallet.