The $OM token of the Layer 1 blockchain MANTRA experienced a dramatic price drop of over 90% within just 90 minutes, with the team attributing the collapse to "reckless liquidations" rather than any internal misconduct. Community lead Dustin McDaniel and co-founder John Patrick Mullin denied allegations of manipulation while addressing investor concerns following the sudden crash.

Crypto markets experienced a significant downturn, with over $1.6 billion in leveraged positions liquidated and ether sinking to a two-year low. The selloff was influenced by broader macroeconomic concerns, including high U.S. tariffs and a bear market in equities, prompting traders to scramble to protect their positions. Some analysts suggest there may be potential for a short-term recovery depending on upcoming economic data.