Crypto markets can be wild, and this weekend was no exception for MANTRA token (OM). It experienced a dramatic plunge, wiping out 90% of its $6 billion market cap. The project’s CEO insists this wasn’t a “rugpull” – instead, he points the finger at centralized exchanges, claiming they initiated “reckless forced closures.”

For those unfamiliar, MANTRA is focused on real-world assets (RWAs). They even made headlines recently with a billion-dollar deal in Dubai to tokenize things like real estate and data centers.

As the token’s price plummeted, social media on X was buzzing. Users started speculating about a potential rugpull by MANTRA insiders. Adding fuel to the fire, some claimed the project’s Telegram chat vanished during the price nosedive.

However, MANTRA CEO John Patrick Mullin is pushing back hard against these rugpull accusations. He denied any insider selling and even shared a link to the (still active) MANTRA Telegram chat. He explained that a bot temporarily shut it down due to spam detection.

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Who’s responsible for this wild ride?

According to Mullin, the blame lies with “reckless forced closures” of OM account holders by centralized exchanges – and he says it happened without any warning. He even hinted, without naming names, that a specific exchange might be behind it, suggesting it probably doesn’t start with a “C” or a “B.” Make of that what you will!

Mullin also pointed out the timing – during hours of low trading activity. He thinks this “points to a degree of negligence at best, or possibly intentional market positioning by centralized exchanges.”

Alphanonce reported that Mullin addressed the situation at the RWA Summit, saying that “Large investors using $OM as collateral were liquidated.” He also promised a “post mortem” analysis is on the way.

Meanwhile, both Binance and crypto investment firm Laser Digital have been quick to distance themselves from the OM price crash. Adding to the intrigue, Lookonchain highlighted that five hours before the big drop, a whopping $12.6 million in OM was moved to a wallet linked to VC Shane Shin. That stash is now worth a much smaller $1.6 million.

Crypto investigator ZachXBT also expressed skepticism about one of MANTRA’s public addresses, and Wu Blockchain brought up past instances where MANTRA apparently misrepresented FTX investments.

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