$BTC liquidations" rather than issues with the project itself. Co-founder John Patrick Mullin pointed out that a forced liquidation of a major investor on a centralized exchange (CEX) was the main reason. Previously, MANTRA had been accused of controlling the token circulation to manipulate prices. Mullin denied these allegations and emphasized the strategic partnership with Dubai real estate company DAMAC. According to DefiLlama, MANTRA's total locked value is only $13 million, while the fully diluted market cap of the token is $9.50 billion. The governance head of Castle Labs noted that recently three wallets transferred millions of dollars worth of $OM tokens to OKX and Binance. A Hong Kong court had previously ordered six members of MANTRA DAO to disclose financial records.
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