The price of Mantra (OM) has experienced a dramatic 90% drop, wiping out over $5 billion in market value. This decline has prompted heavy scrutiny on the project’s development team, who face accusations of manipulation. JP Mullin, founder of Mantra, issued a statement addressing the incident. 36 hours after the market crash, Mullin expressed gratitude for the support from the community and emphasized that this is not an isolated incident and they continue to progress despite challenges. He attributed the decline to forced liquidation of large OM holder positions on a cryptocurrency exchange. In response, the Mantra team will release a detailed post-mortem report within 24 hours. Additionally, plans for a token burn program and buyback initiatives were announced. However, there are questions regarding whether the developers were aware of any potential manipulation claims. Cryptocurrency detective ZachXBT previously linked the recent OM decline to REEF’s delisting from Binance, alleging that the founder was responsible for the crash. The ongoing volatility and potential for fraud remain concerns for users.