這比Luna更殘酷。咒語令牌OM墜毀90％

在今天凌晨北京的時候，突然的暴跌使許多加密貨幣投資者整夜醒來。

In the early hours of this morning Beijing time, a sudden plunge kept many crypto investors awake all night. MANTRA token OM fell by about 10% in just one hour, and then plummeted directly from $5.21 to $0.50, a drop of 90%. There was an uproar, and the community commented: "There are still a lot of people saving OM to earn interest, and they don't even have time to run away. This is more fatal than the LUNA flash crash that year."

在今天凌晨北京的時候，突然的暴跌使許多加密貨幣投資者整夜醒來。 Mantra代幣在短短一小時內下跌了約10％，然後直接從5.21美元下降到0.50美元，下降了90％。有一個騷動，社區評論說：“仍然有很多人拯救OM來贏得興趣，他們甚至沒有時間逃跑。這比當年的Luna Flash崩潰更為致命。”

This sudden plunge is not just a technical issue, it’s more like a mine that has been buried for years finally exploding.

這種突然的暴跌不僅是一個技術問題，而且更像是一個被埋葬多年的礦山，終於爆炸了。

A lot of "dark history"? Uncovering MANTRA's controversial past

很多“黑暗歷史”？揭露咒語的有爭議的過去

In the Web3 world, it is not uncommon for project valuations to deviate from fundamentals, but when a DeFi protocol has a TVL of only $4 million but a fully diluted valuation (FDV) of up to $9.5 billion, it is hard not to raise market doubts about its rationality.

在Web3世界中，偏離基本面的項目估值並不少見，但是當Defi協議的TVL僅為400萬美元，但最高可達95億美元的估值（FDV）時，很難不引起市場對其合理性的疑問。

MANTRA's collapse may not be without reason. In recent years, it has been full of controversies and disgraceful pasts:

咒語的崩潰可能並非沒有理由。近年來，它充滿了爭議和可恥的過去：

The project owner has a high degree of control. Crypto analyst Mosi said that MANTRA controls most of the $OM circulation. The project owner has concentrated up to 90% of the $OM (792 million) in a single wallet address.

項目所有者俱有高度的控制。加密分析師Mosi說，咒語控制著大部分$ OM流通。該項目所有者將$ OM（7.92億）的90％集中在單個錢包地址中。

An infinite token relay game. Crypto KOL Rui pointed out that the underlying logic of OM is more like a carefully packaged OTC funding game. It is said that in the past two years, OM has raised more than US$500 million through OTC sales in a ground-based model. Its operation method is to continuously issue new OTC tokens to take over the selling pressure of the previous round of investors, forming a cycle of "new for old, old for new". Once liquidity is exhausted or the unlocked tokens can no longer be absorbed by the market, the entire system may collapse.

無限代幣接力遊戲。 Crypto Kol Rui指出，OM的基本邏輯更像是一款精心包裝的OTC資金遊戲。據說，在過去的兩年中，OM在基於地面的模型中通過OTC銷售籌集了超過5億美元。它的操作方法是不斷發行新的OTC代幣，以接管上一輪投資者的銷售壓力，形成一個“新老，舊的”週期。一旦流動性耗盡，或者不再被市場吸收的解鎖令牌，整個系統可能會崩潰。

The project team itself will also "cash out in time" in each round of increases, and obtain additional profits by opening contracts and cooperating with the market.

項目團隊本身還將在每一輪增加中“及時兌現”，並通過開張合同並與市場合作獲得更多利潤。

Middle Eastern capital acquires project shell. According to Ye Su, in 2023, OM's FDV fell to less than 20 million US dollars, and the project was almost abandoned. Subsequently, with the help of a middleman, a Middle Eastern capital acquired the OM project, retaining only the original CEO and replacing all the rest of the team. This Middle Eastern capital has extremely rich luxury homes, resorts and various RWA assets, packaging OM as an RWAfi concept project. With the popularity of the RWA theme and high control techniques, OM achieved a 200-fold increase in 2024.

中東首都收購殼牌項目。根據Ye Su的說法，2023年，OM的FDV下降到不到2000萬美元，該項目幾乎被放棄了。隨後，在一個中間人的幫助下，中東首都收購了OM項目，僅保留了原始首席執行官並取代了全部其他團隊。這個中東首都擁有極富富裕的豪華房屋，度假勝地和各種RWA資產，將OM包裝為RWAFI概念項目。隨著RWA主題和高控制技術的普及，OM在2024年增長了200倍。

Involved in legal disputes and accused of asset misappropriation. According to the South China Morning Post, the Hong Kong High Court once asked six members of MANTRA DAO to disclose relevant financial information because the project party was accused of misappropriating DAO assets.

參與法律糾紛，並指控資產盜用。根據《南中國晨報》的報導，香港高等法院曾經要求曼特拉道的六名成員披露相關的財務信息，因為該項目政黨被指控挪用了DAO資產。

A large amount of promised fees and tokens are in arrears. Crypto KOL Phyrex said that he participated in the project investment in the early years, but never received the promised tokens. Even though he won the lawsuit in 2023, the MANTRA team never executed the court's decision, citing that it had "moved from Hong Kong to the United States." He complained: "Not a penny of the money and tokens owed has been paid."

大量承諾的費用和代幣欠款。 Crypto Kol Phyrex說，他在早期參加了項目投資，但從未收到承諾的令牌。即使他在2023年贏得了訴訟，但咒語團隊從未執行法院的裁決，理由是它已經從香港搬到了美國。 ”他抱怨說：“欠欠款的一分錢和代幣。 ”

The airdrop operation has been criticized. According to IceFrog, the MANTRA project has frequently modified the rules since the early airdrop activities, gradually postponed the token unlocking schedule, and ultimately caused users' expectations for airdrops to be repeatedly dashed. During the airdrop distribution stage, the project lacked transparency, always took a cold approach to community doubts, and even resorted to a "witch trial"-style withdrawal mechanism, depriving users of airdrop qualifications on the grounds of so-called "Sybil attacks", but never disclosed specific judgment criteria or data.

氣流操作受到批評。根據IceFrog的說法，自早期的Airdrop活動以來，該咒語項目經常修改規則，逐漸推遲了令牌解鎖的時間表，並最終導致用戶對Airdrops的期望反复破滅。在空調分銷階段，該項目缺乏透明度，總是採取冷酷的方法來解決社區的懷疑，甚至訴諸於“巫婆審判”風格的撤回機制，以所謂的“ Sybil攻擊”為由剝奪了用戶的空能電池資格，但從未透露過特定的判斷標准或數據。

The truth behind the collapse: forced liquidation and the exodus of large investors

崩潰背後的真相：強迫清算和大型投資者的出埃及

After the OM price plummeted, which quickly caused panic and doubts in the community, the MANTRA team spoke out urgently within a few hours, trying to clarify that the project had no direct relationship with the sharp market fluctuations. There are many analyses and speculations about this crash in the market. The causes can be roughly attributed to the following two points:

在OM價格暴跌之後，很快引起了社區的恐慌和懷疑之後，咒語團隊在幾個小時內緊急說話，試圖澄清該項目與急劇市場的波動沒有直接關係。關於市場崩潰的分析和猜測很多。原因可能大致歸因於以下兩個點：

Forced liquidation triggers market volatility

強制清算觸發器市場波動

According to MANTRA co-founder JP Mullin, the wild volatility in the OM market was caused by the reckless forced liquidation of OM account holders by centralized exchanges. He pointed out that the liquidation of these account positions happened very suddenly and without sufficient warning or notification in advance.

根據Mantra聯合創始人JP Mullin的說法，OM市場的野性波動是由集中式交易所對OM帳戶持有人進行了魯ck的強迫清算造成的。他指出，這些帳戶職位的清算突然發生了，沒有足夠的警告或事先通知。

Data shows that in the past 12 hours, the OM collapse has led to more than $66.97 million in forced liquidations, with 10

數據表明，在過去的12個小時中，OM崩潰導致了超過6697萬美元的強迫清算，有10美元