Crypto dealers were reminded of Terra’s Luna early Monday, when the trendy real assets in the upstart mantras about token dropped 90% within hours of no sudden catalyst-with conspiracy theories and accusations that ran, abounding among cryptocircles.

About threw himself from over $ 6 to just over 40 cents late Sunday to early Monday in typically low liquidity time for the crypto market – where large quantities can trigger massive price movements in both directions.

“We want to assure you that Mantra is basically strong,” the team said in an X -post after the fall in prices. “Today’s activity was triggered from reckless liquidation, nothing to do with the project. One thing we want to be aware of: This was not our team. We are investigating it and will share more details about what happened as soon as we can.”

Mantra lets users tokenize assets in the real world (RWAs) as real estate and raw materials, enabling compatible digital investments in specific assets. Its about -Token facilitates transactions and governance.

In January 2025, Mantra collaborated with Damac Group, an UAE-based conglomerate, to tokenize $ 1 billion in assets, including real estate, hospitality and data centers.

Whether was among the largest market winners in 2024 and increased more than 400% on relatively low public conversation about crypto -related social media – who fascinated both traders and investors due to the move.

Meanwhile, co-founder John Patrick Mullin claimed that the movement was probably due to exchanges that closed over-positions, which affected all market exposure.

“We have decided that whether the -market movements were triggered by reckless forced closures initiated by centralized exchanges on about account owners,” Mullin said in an X -post. “The time and depth of the crash suggests that a very sudden closure of account positions was initiated without adequate warning or notice.”

He further claimed “intentional market positioning taken by centralized exchanges.”

Om-track futures registered over $ 50 million in liquidation on the long side, a record figure for tokens. Open interest rates fell from $ 345 million to just over $ 130 million, indicating a quick exit for troubled futures efforts.

Some prominent crypto voices do not buy that tale, but with scores of dismissive answers under Mullin’s positions.

OKX founder Star XU added in a response to a separate post that marked over $ 220 million in token deposits for exchanges before the pricing accident.

“It’s a big scandal for the entire crypto industry. All onchain locks and deposit data are public, all major exchange security and liquidation data can be investigated. OKX will make all reports ready,” Xu said.