Bitcoin Magazine Support The Victims Of The Myanmar Earthquake With Bitcoin While Myanmar’s authoritarian military government is preventing humanitarian aid from reaching the surviving victims of a recent earthquake in the country, your bitcoin donation can help those in need on the ground. This post Support The Victims Of The Myanmar Earthquake With Bitcoin first appeared on Bitcoin Magazine and is written by Frank Corva.

Support The Victims Of The Myanmar Earthquake With Bitcoin

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Mantra&#8217;s recent token collapse highlights deeper-rooted issues within the 
crypto industry around fluctuating liquidity levels, creating additional 
downside volatility over the weekend, which may have exacerbated the token&#8217;s 
crash.
The Mantra (OM) token&#8217;s price collapsed by over 90% on April 13, from roughly 
$6.30 to below $0.50, triggering market manipulation allegations among 
disillusioned investors, Cointelegraph reported.
While blockchain analysts are still piecing together the reasons behind the OM 
collapse, the event highlights critical issues for the crypto industry, 
according to Gracy Chen, the CEO of cryptocurrency exchange Bitget.
&#8220;The Om token crash exposed several critical issues that we are seeing not 
just in OM, but also as an industry,&#8221; Chen said during Cointelegraph&#8217;s 
Chainreaction daily X show, adding:
&gt; &#8220;When it&#8217;s a token that&#8217;s too concentrated, the wealth concentration and the 
&gt; very opaque governance, together with sudden exchange inflows and outflows, 
&gt; [&#8230;] combined with the forced liquidation during very low liquidity hours 
&gt; in our industry, created the big drop off.&#8221;
&gt; 🎙️ CEXs hit with outages as AWS runs into trouble. The question is, do we 
&gt; need more decentralization? 
&gt; 
&gt; Today, @RKBaggs and @ZVardai are joined by @GracyBitget, CEO of 
&gt; @Bitgetglobal on #CHAINREACTION to unpack the 
&gt; problem!https://t.co/OPoyu1IORC 
&gt; 
&gt; &#8212; Cointelegraph (@Cointelegraph) April 15, 2025
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starting April 23**_
At least two wallets linked to Laser Digital were among 17 wallets that moved 
a combined 43.6 million OM tokens &#8212; worth about $227 million at the time &#8212; 
to exchanges before the crash, the blockchain analytics platform Lookonchain 
reported on April 13, citing Arkham Intelligence data.
However, Mantra CEO John Mullin denied the allegations related to large-scale 
token transfers from Mantra investors, Cointelegraph reported on April 14.
Mantra released a post-crash statement on April 16, reiterating that the OM 
crash didn&#8217;t involve token sales by the project itself and that the Mantra 
team continues investigating the incident. The report did not explain the 
rapid movement of OM tokens to exchanges and subsequent liquidations.
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## Exchange movements point to strong &#8220;insider dumping&#8221; signal
While the exact reason behind the collapse remains unclear, Mullin attributed 
the crash to &#8220;massive forced liquidations&#8221; on centralized exchanges during 
low-liquidity hours on Sunday.
Mullin told an X user that the Mantra team believes one exchange &#8220;in 
particular&#8221; is to blame, but said the team was still &#8220;figuring out the 
details,&#8221; specifying that the exchange in question is not Binance.
&#8220;I think OKX was the main exchange being accused of so-called liquidations,&#8221; 
said Chen, adding that the large transfers to multiple exchanges raised 
significant red flags. She added:
&gt; &#8220;I did look at the onchain data, which revealed that there were millions of 
&gt; OM tokens moved to centralized exchanges. That&#8217;s a very strong signal of 
&gt; insider dumping.&#8221;
Weekend liquidity issues have impacted even major cryptocurrencies like 
Bitcoin (BTC).
The lack of weekend trading volume, combined with Bitcoin&#8217;s 24/7 liquidity, 
resulted in Bitcoin&#8217;s correction below $75,000 on Sunday, April 6, 
Cointelegraph reported.
The April 6 correction may have occurred due to Bitcoin being the only large 
tradable asset over the weekend available for de-risking amid global trade war 
concerns, Lucas Outumuro, head of research at crypto intelligence platform 
IntoTheBlock, told Cointelegraph.
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