The price of the Mantra 

OM$0.788token, the native cryptocurrency of the Mantra real-world tokenized asset blockchain, has collapsed by over 90% in the last 24 hours.

On April 13, Mantra fell from a price of approximately $6.3 to below $0.50 and shed over 90% of its $6 billion market cap.

Some traders characterized the token collapse as an apparent rug pull. Market investor Gordon wrote: "[The] team needs to address this or OM looks like it could head to zero, biggest rug pull since LUNA/FTX?"

However, the exact reason for the collapse of the OM token's price is not clear at the time of this writing. Cointelegraph reached out to the Mantra team for comment on the OM token collapse but did not receive an answer by the time of publication.

The incident follows several high-profile token collapses and cybersecurity incidents, including the Libra memecoin implosion and the $1.4 billion Bybit hack, responsible for billions of dollars in investor losses during the first few months of 2025.

Mantra team and co-founder respond

Mantra co-founder JP Mullin responded to the OM token collapse and said that the project's Telegram group is still online. Mullin added that the Mantra team's tokens are still in the team's custody.

"We are here and not going anywhere," Mullin wrote in an X post, while providing a verification address for the Mantra team's OM tokens.

The Mantra Team also claimed that the OM price implosion was "triggered by reckless liquidations" and not related to actions undertaken by the team.

Mantra's recent tokenization initiatives in the Middle East

In January 2025, Mantra and investment conglomerate DAMAC signed a $1 billion deal to tokenize the investment conglomerate's various assets, which include real estate, data centers, and other physical properties on the Mantra blockchain.

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