USDCrypto Crash Chaos This Week: 4 Tokens Crushed in Brutal Shakeup
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OM Token Crashes 90%, $6B Losses Amid Liquidation As Team Denies Insider Dump Allegations
The OM token, native to Mantra’s asset tokenization platform, plummeted over 90% on April 13, 2025, from $6.30 to $0.37, erasing more than $6 billion in market capitalization. This drop marked a 91% decline from its February peak of $8.89. Allegations of insider dumping and liquidations surfaced as over 14 million OM were transferred to exchanges before the crash. Mantra co-founder John Patrick Mullin attributed the collapse to forced liquidations during low liquidity hours, denying any wrongdoing. Despite the turmoil, the protocol maintains operational integrity, having burned over 84 million OM tokens. Binance and other exchanges adjusted risk parameters post-crash, while Mantra announced a $109 million Ecosystem Fund aimed at recovery. Mullin plans to burn his team’s token allocation to restore trust. The situation has raised significant concerns about transparency and regulatory oversight in the real-world asset sector, highlighting vulnerabilities in the crypto ecosystem.
Base Faces Backlash Over 'Content Coin' Promotion Amid Pump-and-Dump Allegations
Base, a Coinbase-backed Layer-2 network, faced backlash for promoting a “Content Coin” that rapidly lost value after its launch. Initially announced on April 16, the token's market cap soared to approximately $17 million, but soon plummeted by around 95%, erasing over $15 million. Concerns arose when blockchain analytics firm Lookonchain detected suspicious trading, where three wallets controlled 47% of the supply and profited around $666,000 following a classic pump-and-dump scheme. Despite a disclaimer stating no connection to Coinbase or Base, the promotion on social media led many investors to misinterpret it as an endorsement. Base defended the initiative as an experiment to tokenize creative works, asserting that the token is not intended for investment. Critics, however, stressed the responsibility of influential projects to set realistic expectations and avoid speculation surrounding new tokens, highlighting inherent challenges within the current market landscape.
AERGO Token Plummets 63% Amid Binance Manipulation Allegations
The AERGO token experienced a dramatic 63% plummet in price within 24 hours, following allegations of manipulation linked to the Binance exchange. This decline occurred after a remarkable 248.1% gain over the previous 14 days, where AERGO had been a standout performer. The controversy began with Binance's March 28 announcement to delist AERGO for spot trading, which was followed by a significant price surge, culminating in a 265% increase on April 13. Shortly thereafter, Binance listed AERGO/USDT perpetual futures contracts on April 16. Community backlash focused on the perception that Binance's actions were predatory, raising questions about their intentions. In response, the AERGO team acknowledged the market volatility, emphasizing their commitment to long-term goals such as scaling, institutional partnerships, and ecosystem growth. They clarified that Binance had not communicated their plans regarding the futures listing or the delisting, fueling further community discontent over the perceived lack of transparency.
Synthetix’s sUSD Stablecoin Hits New Low of $0.66 Amid Ongoing Depegging Concerns
Synthetix’s sUSD stablecoin has recently fallen to a new low of $0.66, over 30% below its $1 peg, marking a month-long trend of depegging that raises concerns about the protocol’s stability. This decline followed the implementation of the SIP-420 upgrade, which reduced the collateralization ratio from 750% to 200%. Founder Kain Warwick noted that while sUSD is not an algorithmic stablecoin, the measures to restore the peg are being transitioned. Recently, volatility has spiked, with sUSD recovering to $0.83 after the low but remaining unstable. Warwick expresses long-term optimism, although he warns that the situation could worsen before it improves. Medium-term strategies involve boosting liquidity and promoting debt repayment, while long-term solutions include managing supply directly and introducing adoption incentives. With the treasury holding $30 million in reserve assets, the overall situation remains precarious, highlighting the need for effective stability measures.
This article has been refined and enhanced by ChatGPT.
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