On April 13, the value of the Mantra (OM) token drastically fell from $6.30 to below $0.50, resulting in a loss of over 90% within a single day. This sudden drop erased over $6 billion from Mantra's market capitalization, surprising the cryptocurrency community.

Many suspect that the sharp decline was not a spontaneous market event but rather a carefully planned "pump-and-dump" strategy involving market makers and centralized exchanges (CEXs).

There are concerns about potential collusion between Market Makers and CEXs to harm investors. An investor named Anon Vee highlighted that the collapse of Mantra resembles a classic pump-and-dump tactic. He noted that market makers often target less popular tokens, collaborating with projects to artificially boost prices before offloading the tokens for profits.

Drawing parallels to the Tellor (TRB) case, where the price surged and crashed, Anon Vee pointed out that Mantra experienced a similar pattern, soaring from $0.013 to $9 before plummeting to about $0.4978, with its valuation changing drastically.

Additionally, opinions were shared by crypto influencer Leonidas, who accused exchanges like Binance of promoting OM to attract retail investors and subsequently allowing the orchestrated sell-off, resulting in significant losses for retail investors.

Concerns were raised about lack of transparency and potential manipulation by project teams and market makers to sustain artificially high prices. Calls were made for enhanced oversight to safeguard investors against such risks.

Despite the denial of insider trading allegations by Mantra co-founder John Mullin, doubts remained within the community regarding the cause of the crash. Some investors perceived the drop as an opportunity to invest further, with the token's value hovering around $0.60 at present, marking a substantial decline from its recent peak.