The OM Token Collapse, Allegations and Investor Opportunities

The crypto market reeled as Mantra's OM token plunged more than 90% within hours, wiping out over $6 billion from its market cap and leaving investors scrambling for answers.

The crypto market was rocked as Mantra’s OM token went down more than 90% within hours, erasing over $6 billion from its market cap and leaving investors scrambling for answers.

A project that was long seen as trusted and had a solid foundation, the sudden collapse of OM sparked widespread concern—and accusations. But amid the chaos, Mantra’s CEO John Mullin has made a drastic move to restore confidence. In a public statement, Mullin pledged to burn his own allocation of OM tokens.

OM Token Crash, Allegations and Investor Opportunities

Mantra’s OM token crashed on April 13, reducing more than 90% of its value in a few hours. The project, which was once a top 50 crypto and had a market cap of over $6 billion, saw a freefall to below $700 million, with over $70 million in liquidations being recorded. As rumors of a rug pull began to swirl, comparisons to LUNA and FTX grew.

Sherpas, OMies, and broader crypto community,

First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community. We have determined that…

Popular exchange OKX’s subsequent analysis of the project pointed to deeper systemic issues, noting that OM’s tokenomics had shifted since October 2024 and that irregular patterns of exchange activity were flagged weeks prior.

While Mullin, in a statement to BlockVars, dismissed any rug pull claims and instead blamed centralized exchanges for carrying out forced liquidations during low-liquidity hours, market trust had already been affected.

However, in a rare move to win back the community’s trust, Mullin announced plans to burn the entire allocation of OM tokens that were allocated to him. These tokens were set to unlock between 2027 and 2029.

This may represent a good chunk of nearly 17% of the total team supply. And it’s not just a symbolic gesture. If executed, the move would significantly tighten the token’s long-term supply curve and potentially strengthen OM’s price dynamics.

To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply.

While some agencies reported that Mullin planned to burn all the team tokens, he quickly clarified that the only tokens set to be burned were those that were allocated to him as a stakeholder.

More importantly, it signals a shift in how projects respond to crises—by sacrificing internal gains to restore public faith. For investors, this could signal both a short-term rebound opportunity and a potential long-term repositioning of OM as a rehabilitated asset.

For the crypto sector as a whole, it raises the bar for accountability, showing that decisive and transparent action—especially when reputations are on the line—might be the only way forward when trust is broken.

Best Crypto to Buy Now as OM Investors Look to Park Funds

With over $6 billion wiped from OM’s market cap, a significant portion of capital—particularly from larger holders—is now in limbo. Some investors may simply exit the market, but others, especially those with deep pockets, are likely scouting for newer, smaller-cap tokens that show resilience, vision, and potential upside.

While the liquidity displacement may not cause major ripples across the entire market, certain projects could benefit from being timely, ambitious, and positioned to absorb fragments of that redirected capital. These projects, given their recent popularity and trending status, may be some of the preferred investors’ favorites.

SUBBD

In the aftermath of OM’s breakdown, a growing theme in crypto is transparency, and SUBBD’s pitch aligns squarely with that mood. Instead of simply being another project offering access to decentralized media, SUBBD launches as an infrastructure overhaul for how creators and fans interact, bypassing gatekeepers like OnlyFans and Patreon that have long been criticized for harsh revenue splits.

It boasts a system where creators can tokenize access, communication, and exclusivity without surrendering their earnings to a platform that takes 50–70% of the revenue. Fans can subscribe, tip, and message their favorite creators directly—on-chain—without the friction or censorship often seen on legacy platforms. The $SUBBD token fuels this exchange, serving both as the currency and the governance unit within the ecosystem.

This model resonates particularly well in moments when trust in centralized systems is low. The recent growth in the creator economy has also brought attention to conversations around creator autonomy and investor security—two issues that SUBBD tackles head-on. With over $1.5 million raised, the SUBBD token presale could definitely be on the watchlist of several OM investors, and even those simply looking to invest into high-potential projects right now.

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