After the $ OM accident, the native mantra token, a block chain for the tokenization of the active of the real world (RWA), three international cryptographic exchanges (CEXS) have issued statements on the subject.
Short background in the $ om Crash
On April 14, 2025, the Philippines time, the $ OM fiduciary value fell by more than 90 percent in 24 hours, falling from approximately $ 6.30 to less than $ 0.50, erasing almost $ 6 billion of its market capitalization.
According to the co -founder of Mantra John Mullin, the price drop was due to a “mass forced liquidation” in an unleashed exchange. Meanwhile, the protagonist of the Blockchain community, Dustin McDaniel, cited “reckless settlements” as the cause of collapse.
But the mantra team’s explanation did not convince the community, since those in X claimed that the mantra team or the experts sold a large part of the circulating supply of the file. Some even stated that up to 90 percent was abandoned.
Cointelegraph cryptographic publication too revealed In X in the data chain that showed $ 227 million in $ om they moved to exchanges before collapse.
There are also statements that some mantra investors moved their assets $ om of cryptographic wallets not custodial to CEX such as Binance and OKX.
International CEX statement at $ om Price Drop
Binance
In an X publication, Binance Customer Stoid said the day of the accident that they were aware of the significant volatility of $ OM prices.
The CEX also said that it had implemented several risk control measures, including the reduction of leverage levels for $ OM since October 2024. In January 2025, Binance added an emerging warning on the $ OM SPOT
“Our initial findings indicate that developments during the last day are the result of cross -exchange settlements. Binance constantly monitors the levels of leverage and makes adjustments according to market conditions for risk controls to help reduce volatility.”
Binance
Meanwhile, the founder of Binance, Changpeng Zhao, shared the data of the Cointelegraph chain and said that, although some people blame Binance for the $ om Crash, I was sure that the large transfer of $ OM of a wallet to exchanges “knows to avoid binance.”
Then, the founder suggested that CEXS should not have a listing process, but provides access to all tokens, allowing merchants to decide what they want to trade.
OKX
Also on the day of the price drop $ OM, OKX said it had observed a significant volatility of $ OM and noticed substantial negotiation volume and decrease in the price in several CEX out of OKX.
OKX then revealed that he conducted his own research using internal and chain exchange data:
“Our research discovered that several directions in the chain have been executing potentially coordinated deposits and withdrawals on several centralized exchanges since March 2025.
In addition, the OKX CEO, Star Xu, said the exchange would publish all reports on the incident.
“It is a great scandal for the entire cryptographic industry. All unlocking and deposit data is public, all the guarantee and liquidation data of all the main exchanges can be investigated.”
Star Xu, Executive Director, OKX
To help its users, the exchange said that it adjusted a series of platform risk control parameters to mitigate potential impacts, while announcing that certain tokens may experience significant changes in the supply, which could result in considerable price volatility.
A risk warning function for the $ OM negotiation page to inform users about their greater volatility was also added.
Bybit
Meanwhile, Bybit is not only in the center of the liquidity problem for $ OM, but also the token listing process.
Two hours before Xu said that OKX would publish his research findings, an OKX enthusiast claimed that Bybit went to schools and asked the students to download the Exchange application. Another accusation said Bybit encouraged Kols to inform the OKX wallet to regulators.
But the most serious accusation is that Bybit charges a listing rate of $ 1.4 million for the file of each project.
The CEO of Bybit, Ben Zhou, immediately denied the accusations and commented in the X position of the OKX enthusiast, saying:
“The world of cryptocurrencies is as chaotic due to idiots as you who spread rumors without any evidence and fantasize every day.”
This article is published in Bitpins: $ om Crash Fallout: Binance, OKX and Bybit address of the Drop and Insider Directorate of privileged information allegations
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