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The dramatic collapse of MANTRA’s OM token triggered a staggering 7,000% surge in derivatives trading volume within 24 hours. Exchanges Binance and OKX faced scrutiny as liquidations topped $76 million amid extreme volatility. Analysts point to suspicious wallet activity ahead of the crash.
- OM’s derivatives open interest plunged 62% to $132M, signaling fading trader confidence post-crash.
- OKX tightened risk controls after detecting 'unusual volatility,' while Binance had preemptively limited OM leverage since 2024.
- 17 wallets deposited 43.6M OM (~$200M at peak) onto exchanges days before the collapse, raising market manipulation concerns.
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