Mantra Addresses 92% Flash Crash of OM Token in Post-Mortem Statement

DeFi platform Mantra issued an official statement on April 16 detailing the 92% flash crash of its OM token that occurred on April 13. The statement reiterated that no token sales were conducted by the project during the incident and focused on investigating the rapid movement and liquidation cascade of ERC-20 OM tokens. It highlighted that the flash crash was largely confined to the ERC-20 version of the OM token, which makes up almost the entire liquid market, as opposed to the limited circulation of OM tokens on Mantra's mainnet. The statement also noted a discrepancy in the OM spot prices observed on OKX and Binance about an hour prior to the crash, and called on centralized exchange partners to provide additional clarity on trading activities. Furthermore, the Mantra team confirmed that it is preparing a support plan for OM that includes a token buyback and a supply burn, although no specific timeline was provided. The news follows critical comments from industry figures, including OKX CEO Star Xu, and underscores ongoing uncertainty as the investigation continues.