Crypto Giants Binance and OKX Dive into OM Price Crash Chaos

Hold onto your hats, crypto fans! Binance and OKX are jumping into the fray after the OM token took a nosedive. They're promising to dig deep and spill the beans on what went down.

Just a day after the Mantra token's market cap tanked by a whopping $5.5 billion on April 14, Binance stepped up to the plate. They dropped a bombshell statement on their Customer Support account on X, tackling the wild price crash head-on.

Binance isn't pulling any punches. They're saying their first look into the mess shows it was all because of a wild ride of cross-exchange liquidations over the last day.

Listen up, folks! Binance knows the OM token from MANTRA has been on a rollercoaster. Their early scoop points to those cross-exchange liquidations as the culprits behind the recent drama. And get this, since last October, Binance has been pulling out all the stops to keep things in check...

With the OM token flipping out, Binance slapped a warning on its spot trading back in January 2025. They're telling everyone straight up that the Mantra token's been through the wringer with its tokenomics, thanks to a surge in token supply.

"We're not messing around here. We're watching this like hawks and we'll do whatever it takes to keep our users safe and our platform solid. Thanks for sticking with us, Binance fam," the Binance Help Desk account declared.

Right now, the Mantra token's taken a brutal hit, dropping nearly 90% in the last 24 hours. Its market cap's now a measly $764 million, down from a sky-high $6 billion. It's trading at a measly $0.79, a far cry from its all-time high of $8.99 back in February last year.

Binance also threw some cold water on the OM token's leverage since last October. But guess what? Traders are not happy, slamming the exchange for not yanking the token off the platform before the whole mess blew up.

Meanwhile, OKX CEO Star is calling the OM price drop "a massive scandal for the entire crypto world." Star's not just talking the talk; they're walking the walk, promising to whip up some detailed reports on the whole debacle, with all the juicy on-chain data out there for everyone to see.

"Everything's out in the open, from on-chain unlocks to deposits. We can dig into all the major exchanges' collateral and liquidation data. OKX is on it, and we'll have those reports ready!" Star fired off in a recent post.

CryptoNinjas spilled the beans that a whopping 127 million OM, that's 13% of the token's circulating supply, got yanked from Binance in the last month. On the flip side, OKX saw nearly 70 million tokens roll in, which is over half of what got pulled from Binance.

What the Heck Happened to OM?

Over the weekend, OM took a nosedive, crashing 90% from $6.30 to under $0.50 in just a few hours. Mantra's big boss, JP Mullin, is pointing fingers, saying it's all because of "reckless forced closures" by centralized exchanges on OM account holders.

Mullin's not buying the idea that the team or investors sold off their tokens. He's saying the OM tokens are still locked up tight according to the project's vesting schedule.

"Centralized exchange partners are key to keeping our project liquid. We're tight with them, but they're calling the shots with a heavy hand," Mullin spilled.

But hold up, on-chain analysts aren't buying what Mullin's selling. They're saying the sell-off kicked off when 3.9 million OM got dumped on OKX from a wallet tied to the Mantra team. Crypto guru Max Brown's dropping bombs, saying the team's sitting on nearly 90% of the token's total supply, which set off the market sell-off and wiped out $5.5 billion in market cap.