Mantra Tokens Crash, $5 Billion Wiped Off
The collapse of the OM token’s price is another shocking story of a dubious venture in the crypto sphere. Mantra, the cryptocurrency born from the alleged blockchain technology behind ‘tokenizing’ world assets, has dropped over 90 percent of its value within a few hours. Mantra lost almost all its value, with $5 billion wiped off for the day.
This collapse has been labeled as a blatant ransom heist. It remains impossible to tell the story behind the token’s price nosedive. Such token collapses and cybersecurity incidents, including the Libra mem-ecoin fiasco and Bybit’s $1.04 billion hack, which incurred billions worth of losses to investors in early 2025, have already garnered notoriety.
Tokenizing their data centers, real estate, and other physical asset conglomerates on the Mantra blockchain is part of a $1 billion deal between DAMAC and Mantra.
Subsequently, in February 2025, VARA (Dubai’s Virtual Assets Regulatory Authority) issued a certificate to Mantra, enabling it to operate as a virtual asset service provider.
Mantra is allowed to operate as a digital asset service provider within the UAE, which includes managing crypto exchanges, brokers, traders, consultants, and investment services in the region.
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