Author: Vince Quill Source: Cointelegraph Translation: Shan Oppa, Golden Finance

The price of Mantra (OM) tokens plummeted by more than 90% in the past 24 hours. Mantra is the local cryptocurrency for Mantra’s real-world tokenized asset blockchain. On April 13, Mantra's price fell from about $6.3 to below $0.50, with its market value evaporated by more than 90%, down from $6 billion.

Some traders call the token crash an obvious "leek-cut" behavior. Market investor Gordon wrote: "The team needs to solve this problem, otherwise OM may look like it will fall to zero, which is the biggest leek cut since LUNA/FTX?" However, as of writing, the specific reason for the OM token price collapse is unclear. Cointelegraph has contacted the Mantra team to comment on the OM token crash, but received no response at the time of publication.

The incident happened after several compelling token crashes and cybersecurity incidents, including the Libra memecoin crash and the $1.4 billion Bybit hack that caused billions of dollars in investor losses in early 2025.

Mantra token market value and related indicators. Source: CoinGecko

Mantra co-founder JP Mullin responded to the OM token crash and said that the project's Telegram group is still online. Mullin also added that the tokens for the Mantra team are still hosted by the team.

Mullin wrote in X's tweet: "We are here and will never disappear." and provided the verification address of the Mantra team's OM token.

Mantra’s recent tokenization initiatives in the Middle East

In January 2025, Mantra signed a $1 billion agreement with investment group DAMAC to tokenize various assets of the investment group, including real estate, data centers and other physical properties, and deployed them on the Mantra blockchain.

In February 2025, Mantra obtained a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority (VARA).

This license allows Mantra to operate in the UAE (UAE) as a digital asset service provider, including operations such as cryptocurrency exchanges, broker services, management and investment consulting.

Mantra's expansion in the UAE is driven by the high demand for tokenized products from real estate investors and developers, who seek new ways to finance and capital assurance.

The near-instant final confirmation time, reduced costs and cross-border functions of tokenized real-world assets are one of the reasons why investors use blockchain to guarantee investment and promote capital formation.