The Mantra cryptocurrency experienced a dramatic price drop of over 90%, wiping out approximately $4.5 billion in market value within a mere two hours. This crash has ignited concerns of a rug pull, leading to accusations against the project’s team. 🚨 While the Mantra team denies any involvement, on-chain analytics suggest that at least 17 wallets transferred $227 million worth of OM tokens (representing 4.3% of its circulating supply) into exchanges before the crash. 👀 Further investigation by Lookonchain reveals that two of these wallets belonged to Laser Digital, a strategic investor in the project. However, community lead Dustin McDaniel clarified that the selling activity was not orchestrated by the team. He insisted that the activity occurred during early morning hours and denied any involvement, adding that the team operates out of Hong Kong. 🌎 Despite this clarification, the cryptocurrency’s price remains down over 87% on a daily basis, trading at $0.7902 as of 1:14 a.m. EST. The incident has sparked widespread discussions about rug pulls and their impact on the crypto market. 📈