Why did Mantra's OM drop by 90%?

Nomura subsidiary Laser Digital denies connection to Mantra token crash

The token's value has fallen by 90% over the past 24 hours.

Oliver Knight | Edited by Stephen Alpher on April 14, 2025, 4:04 PM

Key points:

• Mantra's OM token has seen its value drop by 90% shortly after $227 million worth of tokens were listed on exchanges.
• Despite earlier reports, Nomura Group's Laser Capital has denied reports that OM is going public.
• The Mantra team claims that the collapse was a result of general market pressure and cascading liquidations.

Swiss trading firm Laser Digital, part of Nomura Group, has denied any involvement in the sharp fall of the Mantra token, which resulted in OM losing 90% of its value.

“Statements circulating on social media that link Laser to a ‘sale to investors’ are false and misleading,” the company said on X.

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Laser Digital also provided Mantra wallet addresses, which show no exchange deposits or sales activity.

Speculation continues as to why OM fell sharply. The Mantra team claims that it was due to general market pressure and forced closings of positions by centralized exchanges, which caused a cascade of liquidations.

OKX noted that price volatility was caused by a sharp increase in trading volume, coupled with an initial price drop on various exchanges outside of OKX, which then spread to the broader market.

Before the crash, 17 wallets transferred 43.6 million OM ($227 million) to exchanges, causing panic among holders as the Mantra team controls 90% of the token's circulating supply, which was the reason for the initial sell-off.

According to CoinMarketCap data, OM is currently trading at $0.57, down 90% from its daily high of $6.14, while trading volume has increased 3,425% to $2.6 billion.

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