OM Mantra cryptocurrency plunges by 90% following allegations of team members dumping tokens

Within the last 24 hours, the OM Mantra cryptocurrency has experienced a significant crash, plummeting by approximately 90% and reaching a price point of $0.58. This drastic decline has resulted in the wiping out of an estimated $3.5-4.5 billion in market capitalization, leaving investors reeling from the impact.

The root cause of this downfall appears to stem from allegations that the team behind the Mantra project executed a massive dump of their token holdings, accounting for around 90% of the total circulating supply. Moreover, there have been reports circulating on social media indicating that the team went as far as deleting Mantra’s official Telegram group, effectively cutting off communication with worried investors during this tumultuous period.

Many industry critics are categorizing the sequence of events surrounding the Mantra crash as one of the most substantial scandals to hit the cryptocurrency sphere in recent memory. Some have even labeled it as one of the most enormous scams in the crypto space, pointing fingers at potential deliberate market manipulation tactics.

Various online sources have suggested that the project team may have orchestrated the supply control and price manipulation to facilitate the mass dumping of their tokens over-the-counter (OTC). In response to these claims, some members of the community are advocating for legal repercussions, with strong sentiments indicating that the team should face legal consequences following their alleged actions.

The sudden and drastic nature of the collapse has left investors scrambling to comprehend the extent of their losses, with the fallout likened to other infamous cryptocurrency crashes. In the absence of an official statement from the Mantra team addressing the allegations, uncertainty looms over the future trajectory of the cryptocurrency, as investor trust in the project has seemingly eroded significantly.

As the situation continues to unfold, affected investors are strongly advised to meticulously document their holdings and transactions. The aftermath of the Mantra crash serves as a poignant reminder of the risks inherent in the volatile world of cryptocurrencies, underscoring the importance of due diligence and caution when navigating this ever-evolving landscape.