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Mantra investors cashed out before OM token crashed 90% — Blockchain data

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.

Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13, onchain data suggests.

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.

Mantra investors cashed out before OM token crashed 90% — Blockchain data

Source: Lookonchain

Laser Digital is a digital asset business backed by Nomura. The firm announced a strategic investment in Mantra in May 2024.

Millions in OM moved to Binance, OKX

According to Arkham data, one Laser Digital-linked wallet has moved about 6.5 million OM tokens ($41.6 million at the time) to OKX in seven transactions since April 11. 

Another wallet sent about 2.2 million OM (worth $13 million) to Binance in a series of transfers starting April 3.

The data also indicates that Laser Digital may have started reducing its OM holdings as early as February. The wallets linked to the firm reportedly received a large portion of their OM from crypto trading firm GSR in 2023.

Mantra investors cashed out before OM token crashed 90% — Blockchain data

Mantra (OM) outflows from one of the wallets linked to Laser Digital. Source: Arkham

Laser Digital subsequently denied reports alleging its involvement in the OM volatility, claiming that the referenced wallets did not belong to it.

Venture Capital, Binance, OKX, Companies, Mantra

Source: Laser Digital

“Laser has no involvement in the recent price collapse of $OM,” Laser said in an X post on April 14. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm added.

Arkham did not immediately respond to Cointelegraph’s request to comment on Laser Digital’s wallets’ tags.

Action from other Mantra investors

Laser Digital wasn’t the only Mantra investor active before the OM collapse.

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens hours before the crash.

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.

Mantra investors cashed out before OM token crashed 90% — Blockchain data

Mantra (OM) flows by a wallet potentially linked to Shorooq’s Shane Shin. Source: Arkham

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF) announced on April 7.

Related: Mantra bounces 200% after OM price crash but poses LUNA-like’ big scandal’ risk

“It is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,” a spokesperson for Shorooq told Cointelegraph.

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. “This means that our focus is on the long-term growth of the project,” the spokesperson added.

Cointelegraph contacted Mantra regarding the OM token collapse and its implications for the MEF but had not received a response by the time of publication.

Binance attributes OM collapse to “cross-exchange liquidations”

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue directly. OKX founder Star Xu called the incident a “big scandal to the whole crypto industry.”

While Mantra CEO John Mullin attributed the OM crash to one exchange, Binance hinted at “cross-exchange liquidations.”

“Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,” Binance said in an announcement on April 14.

In an update on April 14, OKX said that Mantra’s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com

Mantra investors deny dumping OM token before crash despite evidence

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.

Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13, onchain data suggests.

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.

The firm has since denied the reports, claiming that the referenced wallets were not associated with Laser Digital.

Mantra investors deny dumping OM token before crash despite evidence

Source: Lookonchain

Millions in OM moved to Binance, OKX

Laser Digital is a digital asset business backed by Nomura. The firm announced a strategic investment in Mantra in May 2024.

According to Arkham data, one Laser Digital-linked wallet has moved about 6.5 million OM tokens ($41.6 million at the time) to OKX in seven transactions since April 11.

The last recorded transaction from the wallet occurred on April 11 at around 10:00 pm UTC, days before the Mantra crash, which took place on April 13 at roughly 7:00 pm UTC, according to data from CoinGecko.

Another wallet sent about 2.2 million OM (worth $13 million) to Binance in a series of transfers starting April 3.

The data also indicates that Laser Digital may have started reducing its OM holdings as early as February. The wallets linked to the firm reportedly received a large portion of their OM from crypto trading firm GSR in 2023.

Mantra investors deny dumping OM token before crash despite evidence

Mantra (OM) outflows from one of the wallets linked to Laser Digital. Source: Arkham

Laser Digital subsequently denied reports alleging its involvement in the OM volatility, claiming that the referenced wallets did not belong to it.

Venture Capital, Binance, OKX, Companies, Mantra

Source: Laser Digital

“Laser has no involvement in the recent price collapse of $OM,” Laser said in an X post on April 14. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm added.

Arkham did not immediately respond to Cointelegraph’s request to comment on Laser Digital’s wallets’ tags.

Action from other Mantra investors

Laser Digital wasn’t the only Mantra investor active before the OM collapse.

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens on April 13 at 11:52 am UTC, hours before the crash.

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.

Mantra investors deny dumping OM token before crash despite evidence

Mantra (OM) flows by a wallet potentially linked to Shorooq’s Shane Shin. Source: Arkham

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF) announced on April 7.

Related: Mantra bounces 200% after OM price crash but poses LUNA-like’ big scandal’ risk

“It is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,” a spokesperson for Shorooq told Cointelegraph.

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. “This means that our focus is on the long-term growth of the project,” the spokesperson added.

Cointelegraph contacted Mantra regarding the OM token collapse and its implications for the MEF but had not received a response by the time of publication.

Binance attributes OM collapse to “cross-exchange liquidations”

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue directly. OKX founder Star Xu called the incident a “big scandal to the whole crypto industry.”

While Mantra CEO John Mullin attributed the OM crash to one exchange, Binance hinted at “cross-exchange liquidations.”

“Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,” Binance said in an announcement on April 14.

In an update on April 14, OKX said that Mantra’s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com

Mantra investors deny dumping OM token before crash despite Arkham evidence

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.

Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13, onchain data suggests.

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.

The firm has since denied the reports, claiming that the referenced wallets were not associated with Laser Digital.

Mantra investors deny dumping OM token before crash despite Arkham evidence

Source: Lookonchain

Millions in OM moved to Binance, OKX

Laser Digital is a digital asset business backed by Nomura. The firm announced a strategic investment in Mantra in May 2024.

According to Arkham data, one Laser Digital-linked wallet has moved about 6.5 million OM tokens ($41.6 million at the time) to OKX in seven transactions since April 11.

The last recorded transaction from the wallet occurred on April 11 at around 10:00 pm UTC, days before the Mantra crash, which took place on April 13 at roughly 7:00 pm UTC, according to data from CoinGecko.

Another wallet sent about 2.2 million OM (worth $13 million) to Binance in a series of transfers starting April 3.

The data also indicates that Laser Digital may have started reducing its OM holdings as early as February. The wallets linked to the firm reportedly received a large portion of their OM from crypto trading firm GSR in 2023.

Mantra investors deny dumping OM token before crash despite Arkham evidence

Mantra (OM) outflows from one of the wallets linked to Laser Digital. Source: Arkham

Laser Digital subsequently denied reports alleging its involvement in the OM volatility, claiming that the referenced wallets did not belong to it.

Venture Capital, Binance, OKX, Companies, Mantra

Source: Laser Digital

“Laser has no involvement in the recent price collapse of $OM,” Laser said in an X post on April 14. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm added.

Arkham did not immediately respond to Cointelegraph’s request to comment on Laser Digital’s wallets’ tags.

Action from other Mantra investors

Laser Digital wasn’t the only Mantra investor active before the OM collapse.

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens on April 13 at 11:52 am UTC, hours before the crash.

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.

Mantra investors deny dumping OM token before crash despite Arkham evidence

Mantra (OM) flows by a wallet potentially linked to Shorooq’s Shane Shin. Source: Arkham

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF) announced on April 7.

Related: Mantra bounces 200% after OM price crash but poses LUNA-like’ big scandal’ risk

“It is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,” a spokesperson for Shorooq told Cointelegraph.

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. “This means that our focus is on the long-term growth of the project,” the spokesperson added.

Cointelegraph contacted Mantra regarding the OM token collapse and its implications for the MEF but had not received a response by the time of publication.

Binance attributes OM collapse to “cross-exchange liquidations”

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue directly. OKX founder Star Xu called the incident a “big scandal to the whole crypto industry.”

While Mantra CEO John Mullin attributed the OM crash to one exchange, Binance hinted at “cross-exchange liquidations.”

“Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,” Binance said in an announcement on April 14.

In an update on April 14, OKX said that Mantra’s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com

Mantra CEO denies insider OM dump, says Arkham 'mislabeled' wallets

Update (April 14, 1:15 pm UTC): This article has been updated to add comments by Mantra CEO John Mullin from an AMA event hosted by Cointelegraph.

Mantra CEO John Mullin denied reports suggesting there were large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, in an AMA hosted by Cointelegraph on April 14.

“The Mantra association, our key investors, our advisers — no one has sold, and we are going to categorically deny and also provide verifiable proof on chain proof that this is the case,” Mullin stated in the AMA.

Previous reports suggested that Laser Digital, a strategic Mantra investor, cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13.

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, the blockchain analytics platform Lookonchain reported on April 13, citing Arkham Intelligence data.

Mantra CEO denies insider OM dump, says Arkham 'mislabeled' wallets

Source: Lookonchain

Laser Digital not involved in millions in OM moved to Binance, OKX

Laser Digital is a digital asset business backed by Nomura. The firm announced a strategic investment in Mantra in May 2024.

According to Arkham data, one Laser Digital-linked wallet has moved about 6.5 million OM tokens ($41.6 million at the time) to OKX in seven transactions since April 11.

The last recorded transaction from the wallet occurred on April 11 at around 10:00 pm UTC, days before the Mantra crash, which took place on April 13 at roughly 7:00 pm UTC, according to data from CoinGecko.

Another wallet sent about 2.2 million OM (worth $13 million) to Binance in a series of transfers starting April 3.

The data also indicates that Laser Digital may have started reducing its OM holdings as early as February. The wallets linked to the firm reportedly received a large portion of their OM from crypto trading firm GSR in 2023.

Mantra CEO denies insider OM dump, says Arkham 'mislabeled' wallets

Mantra (OM) outflows from one of the wallets linked to Laser Digital. Source: Arkham

Laser Digital subsequently denied reports alleging its involvement in the OM volatility, claiming that the referenced wallets did not belong to it.

Venture Capital, Binance, OKX, Companies, Mantra

Source: Laser Digital

“Laser has no involvement in the recent price collapse of $OM,” Laser said in an X post on April 14. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm added.

Arkham did not immediately respond to Cointelegraph’s request to comment on Laser Digital’s wallets’ tags.

Action from other Mantra investors

Laser Digital wasn’t the only Mantra investor active before the OM collapse.

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens on April 13 at 11:52 am UTC, hours before the crash.

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.

Mantra CEO denies insider OM dump, says Arkham 'mislabeled' wallets

Mantra (OM) flows by a wallet potentially linked to Shorooq’s Shane Shin. Source: Arkham

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF) announced on April 7.

Related: Mantra bounces 200% after OM price crash but poses LUNA-like’ big scandal’ risk

“It is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,” a spokesperson for Shorooq told Cointelegraph.

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. “This means that our focus is on the long-term growth of the project,” the spokesperson added.

Cointelegraph contacted Mantra regarding the OM token collapse and its implications for the MEF but had not received a response by the time of publication.

‘We don’t know who those wallets belong to,’ says CEOBinance attributes OM collapse to “cross-exchange liquidations”

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue directly. OKX founder Star Xu called the incident a “big scandal to the whole crypto industry.”

While Mantra CEO John Mullin attributed the OM crash to one exchange, Binance hinted at “cross-exchange liquidations.”

“Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,” Binance said in an announcement on April 14.

In an update on April 14, OKX said that Mantra’s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com

Mantra CEO denies insider OM token dump, says Arkham ‘mislabeled’ wallets

Update (April 14, 1:15 pm UTC): This article has been updated to add comments by Mantra CEO John Mullin from an AMA event hosted by Cointelegraph.Update (April 14, 4:33 pm UTC): This article has been updated with data from Arkham Intelligence.

Mantra CEO John Mullin denied reports suggesting large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, while speaking in an AMA hosted by Cointelegraph on April 14.

“The Mantra association, our key investors, our advisers — no one has sold, and we are going to categorically deny and also provide verifiable proof onchain proof that this is the case,” Mullin stated in the AMA.

Previous reports suggested that Laser Digital, a strategic Mantra investor, cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13.

Laser Digital is a digital asset business backed by Nomura. The firm announced a strategic investment in Mantra in May 2024.

At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, the blockchain analytics platform Lookonchain reported on April 13, citing Arkham Intelligence data.

Laser Digital says not involved in millions in OM moved to Binance, OKX

According to Arkham data, a Laser Digital-linked wallet, “0x84EE7,” sent 6.5 million OM tokens to an unlabelled Arkham wallet address, “0xB37DB,” on April 11.

The “0xB37DB” address subsequently dumped the tokens on the OKX exchange in several transactions, Arkham data shows.

Arkham did not immediately respond to Cointelegraph’s request to comment on Laser Digital’s wallets’ tags.

Cryptocurrencies, Venture Capital, Investments, Cryptocurrency Exchange, Binance, OKX, Companies, Mantra

Laser Digital-linked wallet and the 6.5 million OM transfer to 0xB37DB. Source: Arkham

Laser Digital subsequently denied Lookonchain reports alleging its involvement in the OM crash, claiming that the referenced wallets did not belong to it.

Venture Capital, Binance, OKX, Companies, Mantra

Source: Laser Digital

“Laser has no involvement in the recent price collapse of $OM,” Laser said in an X post on April 14. “Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm added.

Action from other Mantra investors

In addition to Laser Digital, some social media reports also linked the OM onchain activity to an address allegedly tied to another Mantra investor, Shorooq Partners.

According to Lookonchain data, a wallet associated with Shane Shin, a founding partner of Shorooq Partners, received 2 million OM tokens on April 13 at 11:52 am UTC, hours before the crash.

Mantra CEO denies insider OM token dump, says Arkham ‘mislabeled’ wallets

Mantra (OM) flows by a wallet potentially linked to Shorooq’s Shane Shin. Source: Arkham

The tokens came from a previously dormant wallet that received 2.75 million OM in April 2024, Lookonchain reported.

Shin also subsequently denied selling the tokens, stating that the transfers implied wallet-to-wallet transactions rather than transfers to an exchange.

Cryptocurrencies, Venture Capital, Investments, Cryptocurrency Exchange, Binance, OKX, Companies, Mantra

Source: Shane Shin

“No tokens have been sold. The community can check the wallet address and all its transactions to understand the situation fully. Here is the wallet address for full transparency,” Shin wrote in a post on X, attaching his wallet address.

Both Laser Digital and Shorooq were among the investors in the $109 million Mantra Ecosystem Fund (MEF) announced on April 7.

Related: Mantra bounces 200% after OM price crash but poses LUNA-like’ big scandal’ risk

“It is important to note up front that Shorooq (its funds and founding partners) and Mantra (management and team members) have not sold OM tokens in the lead up to, or during, this crash,” a spokesperson for Shorooq told Cointelegraph.

The representative also emphasized that Shorooq is an equity investor in Mantra, not solely a token investor. “This means that our focus is on the long-term growth of the project,” the spokesperson added.

“We don’t know who those wallets belong to,” CEO said

While denying the accuracy of Arkham’s data, Mantra CEO Mullin stressed that the company was not aware of the identity of the addresses dumping OM prior to its crash.

“I don’t know who those wallets belong to,” Mullin said during the Cointelegraph AMA, adding:

“I know they don’t belong to Shorooq. I know they don’t belong to Laser. I know they don’t belong to our key institutional partners.”

Mullin said that Mantra believes the wallets were “mislabeled by Arkham,” adding that the platform provided its key wallet addresses in a transparency report published on April 8.

Binance attributes OM collapse to “cross-exchange liquidations”

As OKX and Binance were among exchanges that saw significant OM activity before and during the crash, both exchanges addressed the issue. OKX founder Star Xu called the incident a “big scandal to the whole crypto industry.”

While Mantra CEO John Mullin attributed the OM crash to one exchange, Binance hinted at “cross-exchange liquidations.”

“Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations,” Binance said in an announcement on April 14.

In an update on April 14, OKX said that Mantra’s tokenomics had gone through major changes since October 2024 and flagged suspicious activity across multiple exchanges.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com

Google to enforce MiCA rules for crypto ads in Europe starting April 23

Google will begin enforcing stricter advertising policies for cryptocurrency services in Europe under the Markets in Crypto-Assets (MiCA) framework, the company said in a recent policy update.The move could be a “double-edged sword” for regulation that may prevent initial coin offering (ICO) frauds, but risks further enforcement gaps, according to legal advisers.

Starting April 23, cryptocurrency exchanges and crypto wallet advertising in Europe must be licensed under Europe’s MiCA framework or under the Crypto Asset Service Provider (CASP) regulation.

Crypto advertisers on Google will also have to comply with “local legal requirements,” including “national-level restrictions or requirements beyond MiCA” and be “certified by Google,” according to a March 24 Google policy announcement.

The new advertising policy will apply to most European countries, including Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxemburg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Policy violations “won’t lead to immediate account suspensions,” as a warning will be issued at least seven days before any account suspensions, added Google’s policy update.

The policy shift follows the implementation of the MiCA framework in December 2024, which introduced the first comprehensive regulatory structure for digital assets across the European Union.

Related: EU MiCA rules pose ‘systemic’ banking risks for stablecoins — Tether CEO

Google’s policy seen as double-edged sword

Google’s new crypto advertising requirements present a “double-edged sword” for crypto regulation, according to Hon Ng, chief legal officer at Bitget.

“On one hand, they do enhance investor protection by filtering out unregulated actors,” he told Cointelegraph.

“The MiCA framework’s strict AML/CFT and transparency requirements create a safer ecosystem, reducing scams like the ICO frauds that plagued the industry pre-2023,” he said.

However, Ng warned the policy could be “overly restrictive” without flexible implementation, especially since transition periods for national licensing vary across jurisdictions.

Since Google’s transition period for national licenses varies by country, this may create “temporary gaps in enforcement,” and even bigger challenges around compliance costs, Ng said, adding:

“Smaller exchanges may struggle with MiCA’s capital requirements (15,000–150,000 euros) or the bureaucratic hurdle of dual certification (both Google and local regulators). These measures are a net positive for trust but need flexibility to avoid stifling innovation.”

Related: Most EU banks fail to meet rising crypto investor demand — Survey

Other industry watchers don’t see this as a fundamental change for Google or investor protection.

The updates may be more oriented toward “protecting Google from liability than protecting the investors themselves,” according to Mattan Erder, general counsel at layer-3 decentralized blockchain network Orbs.

“Any impact of this change in Google’s policy is downstream of the regulations themselves. If MiCA or CASP registration turns out to be burdensome, expensive and only accessible to big players, then smaller players will have a lot of difficulty competing in these jurisdictions,” Erder told Cointelegraph.

Magazine: How crypto laws are changing across the world in 2025

Read more at cointelegraph.com

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Mantra’s OM (OM) token staged a sharp rebound after plunging 90% over the weekend, following an active response from the project’s team addressing allegations of a rug pull scam.

OM bounces 200% as co-founder addresses concerns

As of April 14, OM was trading for as high as $1.10, almost 200% higher when compared to its post-crash low of $0.37 a day prior.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

OM/USDT daily price chart. Source: TradingView

The rebound came after Mantra addressed mounting rug-pull allegations.

Co-founder JP Mullin reassured the community that the project remains active, pointing to the official Telegram group being “still online.”

“We are here and not going anywhere,” Mullin wrote, also sharing a verification address to prove the team’s OM token holdings. He attributed the OM’s crash to “reckless forced closures initiated by centralized exchanges.”

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: JP Mullin

The assurance calmed the OM token sell-off that had obliterated over $5 billion in market capitalization and liquidated $75.88 million worth of futures positions in a day.

Numerous online commentators claimed the Mantra team, reportedly controlling 90% of the token supply, orchestrated the sell-off due to suspicious OM transfers to centralized exchanges right before the crash.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: AltcoinGordon

Analyst Ed further alleged that the Mantra team used their OM holdings as collateral to secure high-risk loans on a centralized exchange.

He noted that a sudden change in the platform’s loan risk parameters triggered a margin call, contributing to the token’s sharp decline.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: Ed

Exchanges adjust loan risk parameters to manage market volatility and protect themselves from potential insolvency due to falling collateral values. Centralized exchanges like OKX have changed their parameters after Mantra’s tokenomics update in October 2024.

Notably, Mantra doubled the total supply of OM tokens from 888,888,888 to 1,777,777,777 in the said month. It further transitioned from a capped to an uncapped, inflationary model with an initial 8% annual inflation rate.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: Wu Blockchain

OKX CEO Star Xu called Mantra a “big scandal,” adding that it would release relevant reports regarding its crash in the coming days.

OM bounce might resemble LUNA’s bull trap

OM’s 200% rebound from its $0.37 low may look impressive, but its structure closely resembles the classic bull trap pattern seen in Terra’s LUNA debacle in May 2022.

OM’s price has crashed below the 50-week exponential moving average (50-week EMA; the red wave) support near $3.25 and is now testing resistance at the 200-week EMA (the blue wave) at around $1.08.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

OM/USDT weekly price chart. Source: TradingView

Meanwhile, OM’s weekly relative strength index (RSI) has dropped to 33.31, signaling weakening momentum and increasing the risk of another breakdown.

Related: What is a rug pull in crypto and 6 ways to spot it?

This setup strongly mirrors LUNA’s post-crash behavior. After its sharp decline in May 2022, the price staged a brief recovery but failed to reclaim its 50-week and 200-week moving averages, triggering a deeper and more prolonged downtrend.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

LUNA/USD weekly price chart. Source: TradingView

Just like LUNA, OM now faces mounting skepticism despite the temporary bounce, with chartist AmiCatCrypto saying that the Mantra token can plunge 90% within a day after rallying for 100 days.

“If you ask me if bull market is over. Short answer. YES,” she wrote, adding:

“Any gains from this point is considered bounces.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more at cointelegraph.com

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Mantra’s OM (OM) token staged a sharp rebound after plunging 90% over the weekend, following an active response from the project’s team addressing allegations of a rug pull scam.

OM bounces 200% as co-founder addresses concerns

As of April 14, OM was trading for as high as $1.10, almost 200% higher than its post-crash low of $0.37 a day prior.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

OM/USDT daily price chart. Source: TradingView

The rebound came after Mantra addressed rug-pull allegations.

Co-founder JP Mullin reassured the community that the project remains active, pointing to the official Telegram group being “still online.”

“We are here and not going anywhere,” Mullin wrote, also sharing a verification address to prove the team’s OM token holdings. He attributed the OM’s crash to “reckless forced closures initiated by centralized exchanges.”

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: JP Mullin

The assurance calmed the OM token sell-off that had obliterated over $5 billion in market capitalization and liquidated $75.9 million worth of futures positions in a day.

Numerous online commentators claimed the Mantra team, reportedly controlling 90% of the token supply, orchestrated the sell-off amid suspicious OM transfers to centralized exchanges right before the crash.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: AltcoinGordon

Analyst Ed further alleged that the Mantra team used their OM holdings as collateral to secure high-risk loans on a centralized exchange.

He noted that a sudden change in the platform’s loan risk parameters triggered a margin call, contributing to the token’s sharp decline.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: Ed

Exchanges adjust loan risk parameters to manage market volatility and protect themselves from potential insolvency due to falling collateral values. Centralized exchanges like OKX have changed their parameters since Mantra’s tokenomics update in October 2024.

Notably, Mantra doubled the total supply of OM tokens from 888,888,888 to 1,777,777,777 that month. It further transitioned from a capped to an uncapped, inflationary model with an initial 8% annual inflation rate.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

Source: Wu Blockchain

OKX CEO Star Xu called Mantra a “big scandal,” adding that it would release relevant reports regarding its crash in the coming days.

OM bounce might resemble LUNA’s bulltrap

OM’s 200% rebound from its $0.37 low may look impressive, but its structure closely resembles the classic bull trap pattern seen in Terra’s LUNA debacle in May 2022.

OM’s price has crashed below the 50-week exponential moving average (50-week EMA; the red wave) support near $3.25 and is now testing resistance at the 200-week EMA (the blue wave) at around $1.08.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

OM/USDT weekly price chart. Source: TradingView

Meanwhile, OM’s weekly relative strength index (RSI) has dropped to 33.31, signaling weakening momentum and increasing the risk of another breakdown.

Related: What is a rug pull in crypto and 6 ways to spot it?

This setup strongly mirrors LUNA’s post-crash behavior. After its sharp decline in May 2022, the price staged a brief recovery but failed to reclaim its 50-week and 200-week moving averages, triggering a deeper and more prolonged downtrend.

Mantra bounces 200% after OM price crash but poses LUNA-like 'big scandal' risk

LUNA/USD weekly price chart. Source: TradingView

OM now faces mounting skepticism despite the temporary bounce, with chartist AmiCatCrypto saying that the Mantra token can plunge 90% within a day after rallying for 100 days.

“If you ask me if bull market is over. Short answer. YES,” she wrote, adding:

“Any gains from this point is considered bounces.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read more at cointelegraph.com

What happens to a blockchain when nobody uses it?

Why some blockchains die

Blockchains can die from flawed tokenomics, scams, security issues or lack of community and development momentum. Without active participation, even cutting-edge technology gathers dust.

Ever heard of a blockchain that no one uses? It happens more often than you think. While the cryptocurrency space is full of innovation, but not every blockchain finds its tribe. Some are ghost towns with zero transactions, no developers and just a handful of holders stuck with worthless tokens. So, what makes a blockchain go quiet? And can they ever come back to life?

Why some blockchain projects fail

Not all blockchains are built to last. Some blockchains, like Bitcoin, Ethereum and Solana, have survived harsh market conditions, proving their resilience. Terra, however, plummeted from top-tier status to near oblivion in 2022 after its algorithmic stablecoin imploded. 

Even well-intentioned projects can fail. Without ongoing development, user incentives or a strong community, blockchains can become unusable. Once the validators stop running nodes, the network effectively turns into a broken time capsule.

Blockchain adoption challenges in 2025

Blockchain adoption in 2025 still faces hurdles like unclear regulation, fragmented developer tooling, infrastructure gaps and the struggle to attract real users over bots despite some chains like Ethereum and Solana paving the way forward.

Regulatory uncertainty is one of the biggest roadblocks. Governments are still figuring out how to regulate crypto, and inconsistent or overly restrictive rules can strangle innovation before it takes root. Beyond policy, a thriving developer ecosystem is non-negotiable. Jumping between languages such as Solidity, Rust and Move-based systems demands versatility, and not every blockchain can lure the talent it needs to grow.

Then there’s the user problem — chains are overrun with bots chasing airdrops instead of real people engaging with the tech. Without authentic activity, a network’s bustling metrics are just smoke and mirrors.

Infrastructure is another major hurdle. Strong blockchains need robust tooling, high-quality remote procedure call (RPC) services and a decentralized validator set that ensures uptime and security. In the context of blockchains, RPC services refer to a mechanism that allows applications (like wallets, DApps or developer tools) to communicate with a blockchain network remotely. 

On top of that, a thriving blockchain must rally a strong community of users, builders and commentators who genuinely believe in its long-term success. 

Handling fear, uncertainty and doubt, or FUD, credibly is another test, especially when negative narratives arise; how a blockchain ecosystem responds can make or break trust. Keeping user loyalty while maintaining a sense of novelty is a delicate balance. 

Ethereum has mastered this across multiple market cycles, evolving while retaining its core developer and user base. Since the FTX collapse in 2022, Solana has demonstrated resilience, overcoming reputational damage to rebuild its ecosystem, attract developers, and drive real usage through improvements in speed, efficiency and community support.

Did you know? Blockchain nodes expose RPC endpoints (often via HTTP or WebSocket protocols) that handle these requests. For example, when you use a decentralized app (DApp) on Ethereum, it might connect to an RPC service like Infura or Alchemy to fetch data or broadcast transactions.

What blockchains are still active in 2025?

As of April 2025, Ethereum, Solana, Bitcoin, BNB Chain, Polkadot, Near, Sui and Tron stand out as active blockchains, each excelling in distinct niches — DApps, speed, value storage, affordability, interoperability or scalability. 

Active chains show daily user engagement, developer momentum and sustained transaction volume, while inactive ones become digital graveyards.

Not all blockchains are dead, but not all are thriving, either. Below are the insights into the standout survivors shaping the crypto landscape as of April 2025:

Bitcoin: Bitcoin focuses on value storage, with a $1.636-trillion market capitalization on April 6, 2025, and regular transactions. The 2024 Bitcoin halving and approvals of exchange-traded funds (ETFs) keep it relevant. About 960 developers work on scalability, like Lightning Network, despite limited smart contract features.Ethereum: It powers decentralized finance (DeFi), non-fungible tokens (NFTs) and DApps, processing millions of daily transactions via layer 2s like Arbitrum as of April 2025. It had over 5,900 monthly active developers in June 2023. High total value locked (TVL) persists, though gas fees are a challenge without layer 2s.Solana: According to DefiLlama, Solana’s daily active addresses reached 3.68 million as of April 8, 2025. The surge is likely supported by its fast transactions and low fees. After the 2022 FTX dip, it recovered, supporting gaming and DeFi. It had over 1,400 developers in June 2023, with past outages noted as a concern. Also, the TRUMP token’s crash in March 2025, dropping over 85% from its January peak, strained Solana’s momentum.BNB Chain: Binance’s BNB Chain has 1.93 million daily users as of April 1, 2025, with affordable transactions. It shows notable TVL and volume, mainly in DeFi and gaming, though its centralized nature is debated.Polkadot: Polkadot connects blockchains, with over 1,900 developers in June 2023 working on interoperability. It supports multiple parachains, with moderate but growing activity as of April 2025, though it’s less accessible to casual users.Near Protocol: Near logs 3.18 million daily addresses as of April 1, 2025, using sharding for scalability. It supports DeFi and gaming, with developer tools aiding growth, but it’s still proving itself against larger chains.Sui: Sui, with 2.46 million daily users as of April 1, 2025, uses an object-oriented model for speed. Active in DeFi and gaming, it’s newer and lacks the ecosystem depth of older networks.Tron: Tron has 2.45 million daily addresses as of April 1, 2025, focusing on stablecoin transfers like Tether USDt (USDT). It handles high throughput but has limited DApp variety compared to others.

Inactive chains like EOS and Terra, impacted by governance or collapse, contrast with the above blockchains. 

So, a blockchain’s success hinges on its daily activity. How many people are actually transacting on a blockchain every day? Are developers still building new DApps? Is there any meaningful transaction volume? If the answer to these questions is “not much,” the chain might be on its way to becoming a digital graveyard.

Did you know? According to Santiment, the top five Ethereum-based cryptocurrencies by development activity in March 2025 were Chainlink (LINK), Starknet (STRK), Ether (ETH), EigenLayer (EIGEN) and Fuel Network (FUEL). This ranking reflects the volume of development work, a key indicator of potential growth and innovation in the crypto market.

Blockchains that faded: What went wrong?

Blockchains like EOS and Terra teach us that hype isn’t enough. A blockchain needs real utility, trust and continuous innovation to survive.

Cases like EOS and Terra show that initial excitement isn’t enough to sustain a blockchain. Long-term survival seems tied to practical utility, trust and ongoing development rather than just hype.

Some blockchains started with potential but struggled to maintain traction. EOS, once called an “Ethereum killer,” raised $4 billion in its 2017 initial coin offering (ICO). By 2025, it saw minimal use, affected by governance challenges and low adoption. 

Terra and its LUNA token faced a steeper drop in 2022 when its algorithmic stablecoin unraveled, erasing billions in value.

These examples suggest hype alone doesn’t ensure staying power — blockchains appear to need real use cases, solid security and active evolution.

Community often marks the divide between a blockchain that endures and one that fades. Ethereum has weathered multiple downturns, supported by a large developer base and active users. Developers building DApps draw in users, creating a cycle of growth. Validators and stakers enhance trust, boosting liquidity. Without this participation, even technically advanced chains struggle to remain relevant.

How to spot a living blockchain

Metrics like transaction volume, TVL, developer activity and validator count are essential signs of whether a blockchain is alive and trusted.

How can you tell if a blockchain is healthy? Transaction velocity and volume are major signs. A strong, active blockchain sees consistent transactions, while low activity is a red flag. Total value locked (TVL) is another critical metric because if DeFi users trust a chain, they’ll lock funds into its protocols. A declining TVL suggests that users are leaving. 

Developer activity is also crucial. Are new projects launching? Is there ongoing development? A stagnant developer ecosystem often signals trouble. Validator and node count matter, too. A high number of validators shows decentralization and network security. And finally, liquidity and the onchain economy play a big role. If liquidity is drying up, so is the chain’s future.

Developers and founding teams move across blockchains if they can’t scale from where they are originally based. It comes with a cost, often to rebuild skills and user base. But multiple projects moving out of a chain can indicate a bearish trend for the chain, and vice versa could also be true.

For example, on April 3, 2025, the gaming project Infecteddotfun announced that it was shifting from Base to Solana due to scaling struggles. The project’s viral speculative simulation game drew 130,000 signups in 48 hours, overwhelming Base with transaction demand, spiking gas prices and halting gameplay. The team pointed to Ethereum Virtual Machine chain limitations, favoring Solana’s user-centric culture and robust user base.

What brings a blockchain back to life?

Inactive chains can return if they find compelling use cases, have a strong community, offer strong incentives, or evolve into new forms like layer-2 solutions.

So, can a dead blockchain come back to life? Sometimes. The key is finding a reason for people to return. A new use case can revive interest, especially if it solves a real problem. Protocol upgrades that improve scalability, fees or interoperability can also rekindle activity. 

Strong incentives, such as grants, airdrops or liquidity rewards, can attract developers and users back to a network. In some cases, struggling projects pivot into layer-2 solutions or merge with more active ecosystems to stay relevant.

But most of all, a thriving community that has a high conviction on the future of a chain can lead to its resurgence from the worst. Solana’s rise from the FTX debacle due to a committed community is a case study in that respect.

The blockchain world moves fast. Some networks thrive, and some fade into obscurity. The ones that last are those with strong community support, real-world utility and continuous innovation. If a blockchain is silent today, it doesn’t mean it’s gone forever, but reviving it takes more than just wishful thinking.

Read more at cointelegraph.com

Mantra says one particular exchange may have caused OM collapse

The team behind real-world tokenized asset blockchain Mantra says its native token’s sudden 90% plunge was caused by exchanges forcibly closing positions without notice, with one currently unnamed exchange potentially to blame. 

On April 13, Mantra (OM) price dropped from $6.30 to below $0.50, rapidly shedding over 90% of its $6 billion market cap.

“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders,” Mantra co-founder John Mullin wrote in an April 13 statement on X.

“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” he added. 

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: John Mullin

“That this happened during low-liquidity hours on a Sunday evening UTC, early morning Asia time, points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.”

Mullin told an X user they believe one exchange “in particular” was to blame but said they were still “figuring out the details.” He told others that the centralized exchange in question wasn’t Binance. 

Mantra has an upcoming community connect on X, where Mullin says the team would share more information.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: John Mullin

Some traders allege the token collapse was a rug pull, while others are speculating the Mantra team had used their tokens as collateral to take out a massive loan from a centralized exchange and the team fell prey to a loan risk parameter change, then a margin call.

Mullin denied these theories in follow-up X posts, saying, “The team did not have a loan outstanding” and haven’t orchestrated a rug pull.  

“Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible,” Mullin said.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: John Mullin

The price of OM staged a minor recovery in the aftermath of the price collapse, briefly returning above $1, but it is back down and currently trading around $0.7894, according to CoinGecko.

The token hit an all-time high of just under $9 on Feb. 23 and is now down over 91% from that figure.

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: Star Xu

Millions of Mantra tokens moved in the week prior to collapse 

Blockchain analytics platform Spot On Chain said in an April 14 post to X that some OM whales moved 14.27 million tokens to the crypto exchange OKX three days before the crash. In March, the same whales picked up 84.15 million OM for $564.7 million.

“Now, after a brutal 90% drop, their remaining 69.08 million OM is worth just $62.2 million, putting their total estimated loss at a staggering $406.3 million,” Spot On Chain said.

“However, they may have hedged the position elsewhere, and it’s possible they contributed to the sharp drop.”

Cryptocurrencies, Tokens, RWA Tokenization, Mantra

Source: Spot On Chain

At the same time, blockchain analytics platform Lookonchain said that since April 7, at least 17 wallets deposited 43.6 million OM into crypto exchanges, representing 4.5% of the circulating supply. 

Related: Mantra unveils $108M fund to back real-world asset tokenization, DeFi

In January 2025, Mantra and investment conglomerate DAMAC signed a $1 billion deal to tokenize the investment conglomerate’s various assets. 

Meanwhile, Mantra announced on Feb. 19 that it had received a virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority.

Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

Read more at cointelegraph.com