Leading crypto exchange Binance has officially responded to the $OM crash, stating that they noticed a significant price fluctuation of the MANTRA token. $OM was mainly triggered by cross-platform liquidation.
Binance Clarifies on $OM Crash Situation
Binance wrote in an X post, “Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations.”
Binance is aware that $OM, the native token of MANTRA, has experienced significant price volatilities. Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations.
Since October of last year, Binance has implemented various…
— Binance Customer Support (@BinanceHelpDesk) April 14, 2025
According to Binance, since October 2024, the exchange has implemented various risk control measures on the $OM token, including reducing leverage levels. Binance said that it will continue to monitor leverage levels and adjust them according to market conditions to enhance risk control and help reduce volatility.
The platform continued to inform its users about its pop-up reminder on the spot trading page for OM. This new feature, which has been in place since January 2025, alerts users that the token’s tokenomics has gone through important changes, with an increase in the token’s supply.
Binance has assured that it will keep a track on this issue and take due actions for the safety of the users.
MANTRA’s Crypto Project $OM Crashes!
As reported earlier, MANTRA, which is known for tokenizing real-world assets (RWAs), saw its OM token dip from above $6 to $0.37 in under 24 hours. Currently, $OM is trading at $0.7739, after a downtrend of 87.64%.
Binance faced criticism for its listing process after $OM investors witnessed huge losses due to the token crash- a phenomenon reportedly attributed to insider trading by some critics. However, note that the Mantra team has come out to clarify that the loss was not due to Binance, but rather the result of improper forced liquidation by other CEX platforms.
MANTRA Founder JP Mullin responded to the $OM crash and said that this market imbalance was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling the token.
Notably, the crypto now remains in a locked state and follows the already announced unlock schedule. In the next few hours, the team is expected to hold a community AMA on the X platform to further discuss these events.
Also Read: Amid $OM Crash, CZ: CEX, DEX Should Skip Listing Process
