Key Takeaways
- The OM token plummeted 18.5% on Thursday evening, reaching a record low of $0.004126
- The MANTRA blockchain completely ceased block production and suspended all network activity
- Officials announced a precautionary shutdown to investigate an unidentified security event
- Cryptocurrency exchanges suspended OM token deposits and withdrawals indefinitely
- Market activity skyrocketed with trading volume climbing nearly 600% to reach $24 million
The MANTRA ecosystem experienced severe turbulence Thursday evening as its native OM token plummeted to unprecedented lows, coinciding with an emergency shutdown of the entire blockchain network.
Data from CoinGecko shows the OM token tumbling from $0.005060 down to $0.004126 at approximately 11:00 pm UTC Thursday evening. This represented an 18.5% decline from the token’s peak value over the previous 24 hours. Following the initial crash, OM partially rebounded to approximately $0.0044.
Across the full 24-hour window, the OM token sustained losses of approximately 10%. Meanwhile, trading activity surged dramatically, with volume increasing nearly 600% to reach $24 million throughout this timeframe.
At 11:44 pm UTC Thursday, MANTRA released an urgent incident advisory. The development team acknowledged awareness of “an incident affecting MANTRA Chain” and implemented a network-wide halt as a protective measure during their ongoing investigation.
“We don’t have a root cause or timeline to share yet,” project representatives announced. At that moment, all system endpoints and transaction processing were completely suspended.
The official MANTRA status dashboard categorized this situation as a complete system outage. Components affected included public endpoints, validator nodes, bridge migration services, and all MANTRA-operated Inter-Blockchain Communication relay systems.
Block 17,449,398 stands as the final block validated on the network, timestamped at 11:13 pm UTC Thursday. Since that point, blockchain activity has remained completely dormant with zero new blocks generated.
Blockchain Suspension Forces Exchange Actions
The network lockdown has compelled cryptocurrency trading platforms to temporarily halt both deposit and withdrawal services for OM tokens. Platform operators have not announced when these essential functions will be restored.
MANTRA officials stated the network will remain offline until technical teams determine it’s completely safe to resume operations. Engineering specialists and cybersecurity experts are collaborating with third-party partners throughout this investigation.
MANTRA has not disclosed whether the dramatic price decline directly correlates with the technical incident. Additionally, the project hasn’t confirmed if user funds have been compromised or remain secure.
Background: MANTRA’s Troubled Recent History
This emergency represents the latest in a series of significant challenges confronting MANTRA over recent months. During April 2025, the project’s original OM token experienced a catastrophic decline exceeding 90%, crashing from approximately $6.30 down to under $0.50. This devastating drop eliminated more than $5 billion in total market capitalization.
The aftermath of that collapse triggered organizational restructuring and workforce reductions. CEO John Patrick Mullin characterized 2025 as the most difficult period in the project’s history.
By June 2026, Inveniam Capital Partners publicly revealed intentions to acquire MANTRA. This acquisition strategy followed a $20 million capital injection and was projected to finalize during Q3 2026.
At this time, the MANTRA Chain continues to remain completely offline. Project leadership has yet to identify the underlying cause or provide any estimated timeline for network restoration.
The post MANTRA Chain (OM) Suffers Network Blackout as Token Plunges to Historic Low appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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