Internet reports that the OM token of MANTRA, a Layer 1 blockchain project focused on RWA, fell by about 10% between 01:20 and 02:20 a.m. Beijing time today, and then suddenly plunged from US$5.21 at the time to the current US$0.50 (as of press release), which fell by 90% in just 90 minutes. Before the project's publicly accessible Telegram group was inaccessible, community leader Dustin McDaniel downplayed the team's accusation of selling, saying it had no knowledge. At 04:51 a.m., MANTRA's X account updated that the plunge was triggered by reckless liquidation and had nothing to do with the project itself. Co-founder John Patrick Mullin mentioned that a large OM investor had been subject to large-scale forced liquidation at CEX and said it was being processed. Previously, MANTRA was accused of controlling a large proportion of the token's circulation supply and attempting to manipulate the token's price. Mullin responded by saying: "OM tokens have been in circulation since August 2020, which is longer than most skeptics have been in the crypto field." Some investors pointed out that DeFiLlama data shows that the TVL of the MANTRA agreement is only about US$13 million, while its fully diluted token valuation is as high as US$9.5 billion, which may be a risk signal. In addition, Insomniac, head of governance at Castle Labs, found that three wallets have recently transferred millions of dollars in OM tokens to OKX and Binance. One of the wallets received approximately $36 million in OM tokens from Binance on March 21, and transferred approximately 4.3 million tokens to OKX on Saturday, implying a possible sell-off.