Binance and OKX reacts to OM crash
The post Binance and OKX reacts to OM crash appeared on BitcoinEthereumNews.com.
Major crypto exchanges like Binance and OKX have reacted to the recent OM price crash, ensuring users that they will look into the situation and report their findings. On April 14, a day after the Mantra token’s market cap suffered a loss of $5.5 billion due to market volatility, Binance issued a statement through the exchange’s Customer Support account on X, reacting to the recent price crash. According to the recent post, Binance’s initial findings reveal that the price crash was due to a series of cross-exchange liquidations that occurred over the past day. Binance is aware that $OM, the native token of MANTRA, has experienced significant price volatilities. Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations. Since October of last year, Binance has implemented various… — Binance Customer Support (@BinanceHelpDesk) April 14, 2025 In light of the token’s volatile state, Binance confirmed that it had attached a pop-up warning for OM (OM) token’s spot trading since January 2025, which informed users that the Mantra token had seen “significant changes” in its tokenomics, indicated by an increase in token supply. “We remain dedicated to monitoring the situation closely and will continue to take appropriate actions to protect our users and maintain the integrity of our platform. Thank you for your continued trust in Binance,” said the Binance Help Desk account. At press time, the Mantra token has experienced a near 90% drop in the past 24 hours. Its market cap stands at $764 million, plummeting from a previous $6 billion high. The token is currently trading hands at $0.79, down 91% from its earlier all-time high of $8.99 from last February. Price chart for OM in the past few hours of trading, following the major price drop, April 14, 2025 |…
