MANTRA’s April 2025 crash: the contemporary account

Hey followers, here’s the latest on the #MANTRA ($OM) situation as of April 13, 2025, 11:04 PM CEST, addressing the wild crash of the Nr.1 #RWA

For those catching up, MANTRA is a layer-1 blockchain focused on tokenizing real-world assets (like property or stocks) to make them tradable on-chain, aiming to blend DeFi with traditional finance. Its $OM token is used for staking, governance, and fees.

$OM cratered, dropping over 90% from ~$6 to as low as $0.46 in minutes, slashing its market cap from ~$6 billion to under $400 million. This wiped out billions and left the community reeling, with many on X comparing it to Luna’s 2022 collapse.

The big question now: what’s new, and did MANTRA really delete their Telegram? Here’s what’s circulating. Reports confirm that MANTRA’s public Telegram group became inaccessible around the time of the crash. Some sources, including posts on X and web reports, say the group was either shut down or restricted to new users, with screenshots showing people unable to join. A community lead, Dustin McDaniel, reportedly posted in the group denying team selling before it went offline, but there’s no official word on why it’s gone. Theories range from the team limiting damage control to technical issues, but nothing’s confirmed—definitely not helping the optics!

On the crash itself, speculation is still rampant. X posts point to red flags like large token transfers to exchanges just before the drop, hinting at possible insider selling or OTC dumps. Others are slamming the team’s tokenomics, alleging they control a big chunk of the supply, though co-founder John Patrick Mullin has denied this in the past. A recent airdrop mess—where over 50% of participants were blacklisted as “bots” at the last minute—also stirred bad blood, possibly contributing to sell-off pressure. MANTRA’s total value locked (TVL) at ~$13 million versus a $9.5 billion fully diluted valuation pre-crash is being called a warning sign too.

No new statements have dropped from the team since the crash, and their X account has been quiet for over 24 hours, which is fueling frustration. The community’s left hanging, with some investors on X reporting massive losses and others debating if this is a dip to buy or a total meltdown. Comparisons to rug pulls are flying, though Mullin’s past rebuttals and MANTRA’s Dubai VASP license suggest they’re not vanishing entirely—yet.

What should you do?
If you’re holding $OM, sit tight. If you’re eyeing a buy, tread carefully—volatility’s insane, and we don’t know the full story. The Telegram blackout is sketchy, no doubt, but it’s too early to call it a deliberate deletion versus a temporary lockout. We’re watching for any peep from MANTRA’s team—especially Mullin, who’s been MIA. Drop your takes below: is this a scam, a screw-up, or something else? Stay sharp

$MASTR