Top 30 Altcoin Plummets, Leaving Investors in Limbo

The cryptocurrency market was rocked today after Mantra (OM), once ranked among the top 30 altcoins, saw its value evaporate in a flash crash that erased over 90% of its price within hours.

Speculation quickly spread that members of the project’s own development team may have triggered the collapse through large-scale sell-offs. However, the Mantra team has firmly denied any involvement, attributing the dramatic plunge to what they described as “reckless purges” unrelated to any internal actions.

“We want to make it absolutely clear—this wasn’t us,” the team stated in an official message to the community. “Mantra remains a fundamentally strong project. What happened today was unexpected and not connected to any decisions or actions from within our organization. We’re currently investigating the situation and will provide updates once we have more clarity.”

The statement was issued in response to mounting community frustration, especially after a comment from one of Mantra’s community leaders stirred backlash. The representative claimed that developers had no immediate awareness of the crash because it occurred during nighttime hours in Hong Kong—a remark that didn’t sit well with investors searching for accountability.

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As uncertainty lingers around OM, crypto traders and holders are being urged to approach the token with extreme caution. With no clear explanation yet and volatility still high, the situation remains fluid and potentially risky for those looking to engage with the asset.

Alexander Stefanov