Recently, a significant event in the crypto circle has caused a stir in foreign financial media. The Layer 1 project MANTRA, which focuses on tokenizing real-world assets, officially announced that the company will initiate a structural reorganization and simultaneously make personnel adjustments. Behind this news, there is a more serious story.

The OM token experienced a catastrophic crash in April 2025. The single-day decline exceeded 90%, with the price dropping from over $6 to around $0.46. It’s important to note that the project’s market cap once stood above $6 billion, but has now shrunk to approximately $680 million. Market confidence and the project's financial pressure collapsed completely at this moment.

Regarding this rapid decline, MANTRA co-founder and CEO John Patrick Mullin provided an explanation afterward. He pointed out that the main culprit for the plunge was a certain centralized exchange that, under liquidity stress, carried out aggressive forced liquidations on OM holders, triggering a chain of sell-offs. Although he hinted that a specific exchange should bear primary responsibility for this incident, he did not name anyone explicitly.

In the subsequent restructuring plan, MANTRA decided to focus on optimizing non-core departments. Teams such as Business Development (BD), marketing, and human resources will undergo adjustments, while functions related to product and technology will continue to receive key investments. This also reflects the project’s effort to reassess priorities after the blow.