Source: Cointelegraph Original: "{title}"
The troubled decentralized finance (DeFi) platform Mantra has released an official statement regarding the 92% flash crash of its OM token on April 13.
The team reiterated in an announcement titled "Event Statement: April 13, 2025," released on April 16, that the crash was unrelated to the project's own token sales, and the Mantra team is still operating normally while continuing to investigate the incident.
Although Mantra CEO John Mullin previously stated that the team was preparing a post-mortem analysis report, this new statement did not provide many new details regarding the rapid transfer of OM tokens to exchanges and the subsequent liquidation chain reaction.
The statement also reiterated that there are two types of OM tokens: one is the ERC-20 token based on Ethereum, and the other runs on the Mantra mainnet.
"This incident almost entirely involved the ERC-20 version of OM, as ERC-20 OM effectively represents the entire liquidity market," Mantra stated in the announcement.
The original ERC-20 OM token was launched in August 2020 with a fixed supply of 888 million tokens, and as of April 15, 99.9% of the tokens were in public circulation.
However, after an equal amount of OM tokens was minted on the Mantra Chain in October 2024, the circulating supply of the Mantra mainnet OM tokens was only 77.5 million.
Additionally, the statement mentioned that there were discrepancies in the spot prices of OM on Binance and OKX. According to CoinGecko, this discrepancy began around 6 PM UTC, approximately one hour before the OM token crash.
In conclusion, Mantra stated that further information from exchange partners would "provide more clarity on these events," and added:
The Mantra team confirmed that they are preparing an OM support plan that includes token buybacks and supply destruction. However, no specific timeline for the implementation of this plan was provided.
According to a previous report by Cointelegraph, OKX CEO Star Xu referred to Mantra as a "major scandal" in a post made hours after the crash. Mantra CEO Mullin also cited Etherscan data indicating that Binance is the largest holder of OM tokens.
Cointelegraph reached out to the Mantra team for further comments regarding the April 16 statement, but had not received a response by the time of publication.
Related: Mantra CEO plans to destroy team tokens to regain community trust
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