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Real-world asset token MANTRA (OM) lost 98% of its value today, and more than $6 billion vanished from its market cap in under 60 minutes, per data from CoinMarketCap. The crash took OM from nearly $6 to just $0.57 before most people even realized what was going on. By the time the charts finished updating, the project’s valuation had dropped from $6.09 billion to $699 million. The crash happened so fast, traders couldn’t exit in time. Posts on X started pouring in within minutes. One after another, people blamed what they called the “Kabal team”, accusing them of dumping a huge chunk of the supply all at once. No one’s named names yet, but most tweets linked the Kabal team to people inside the MANTRA project. They’re being accused of holding a massive portion of tokens and pulling the plug without warning. One user on X wrote, “The Kabal team just rugged everyone. Project is dead.” Another said, “Like I said, $OM (Mantra) is one of the biggest scams I have ever seen in crypto. They controlled the supply and manipulated the price so they could dump their tokens OTC. Pure market manipulation. The team belongs in prison after this. Glad my followers stayed away from it.” According to data from Arkham, the address 0x63…4Ff2, which belongs to the Mantra DAO project team, transferred and burned 21.229 million OM (~$132m) to a Dead Address on April 2nd. To date, a total of 84.019 million OM have been burned, with a total burn value reaching $524 million. The chart’s been ugly ever since. On February 24, OM was worth $9 with a total market value of over $560 million. Long before the crash, some in the crypto community had raised flags about supply inflation, and a proposal voting system that let the team control the outcome. Those warnings went ignored. The foundation was shaky, and today it all collapsed. During the chaos, the official MANTRA Telegram group closed its gates to new users. Screenshots show dozens of users trying to join, but access was blocked. Members inside were asking for answers, but moderators said nothing. The project’s CEO, John Patrick Mullin (JP), didn’t respond either. John is listed in the official Telegram group but said nothing during the crash. One user wrote in the chat, “JP is on a plane right now. Just saw him at Paris Blockchain Week. He likely doesn’t even know yet.” Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

$PVPFUN | @PvpFunTech Marketcap: 40k (gamble) Crypto PvP has never been easier - launch, join clans, rank up, and print rewards. Had a good chat with the developer, appear to be building a good producs and are in contact with some good names. Low marketcap, so high RR here.

Circle’s Head of Global Policy Dante Disparte believes the crypto space needs more regulatory clarity in the form of frameworks like Europe’s MiCA. During a fireside chat session at Paris Blockchain Week with TRM Labs’ Global Head of Policy Ari Redbord on April 8, Disparte emphasized the importance of clear regulation in helping bring more investors, financial institutions, and stakeholders into the crypto space. “The regulation works. If international investors are attracted to invest not just in France but to gain from the legal and regulatory clarity that MICA provides, that creates an environment of legal certainty,” said Disparte. Therefore, he believes Europe has the best chance to “enshrine what universally portable internet-based money and financial services could mean” through its Markets in Crypto-Assets Regulation or MiCA framework. In fact, the Circle ( USDC ) representative stated that his team has been trying to advocate for two stablecoin acts in the United States , the GENIUS Act and STABLE Act , to reach the level of legal clarity that MiCA is able to provide for European markets. “When you put them together you get a Stable Genius. A framework that up levels to MiCA so that we have transatlantic harmonization and regulatory reciprocity, as opposed to create a race to the bottom even across the U.S. and the European partnership,” stated Disparte. Moreover, Disparte said that Circle supports European regulators’ decision to equate MiCA-compliant stablecoins to an e-money token, in which the framework prohibits the token from generating yield for customers who hold stablecoin . “We agree. We think interest in stablecoin land is a secondary market innovation. And if you want the innovation to work as stated, if you want the bill of goods to work as stated, it has to be a unit of measure, a medium of exchange and a store of value just like a physical dollar or a physical euro,” said Disparte. Introduced in June 2023, the MiCA stablecoin laws brought about strict regulations and standards for crypto firms and stablecoin issuers, one of them is a ban on offering stablecoin interests or yield. As a result, stablecoin issuers like Tether ( USDT ) and Circle had to adjust their operations by complying to the MiCA laws if they wish to continue operating within the European regions. In July 2024, Circle became the first stablecoin company to secure a Electronic Money Institution license from French regulators, allowing them to market their MiCA-compliant stablecoin across Europe.

🇫🇷 PARIS BLOCKCHAIN WEEK HAS STARTED! 🔥 Our very own @gazza_jenks has kickstarted things with @adam3us on the main stage with a fireside chat! We’ll be keeping you posted with live coverage of the whole event. 🤝

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