Key Takeaways
- The OM token plummeted 18.5% on Thursday evening, reaching a record low of $0.004126
- MANTRA Chain suspended block production and disabled all network endpoints
- An emergency halt was implemented as a protective measure during an ongoing investigation
- Major exchanges have suspended OM deposit and withdrawal services indefinitely
- Daily trading activity spiked approximately 600%, reaching $24 million in volume
The MANTRA ecosystem experienced a significant disruption Thursday evening when its native cryptocurrency OM plummeted to unprecedented lows, prompting the team to shut down blockchain operations completely.
Data from CoinGecko reveals that OM declined from $0.005060 to a floor of $0.004126 at approximately 11:00 pm UTC Thursday. This represented an 18.5% decline from its peak within the previous 24-hour period. The digital asset subsequently rebounded slightly to trade near $0.0044.
Throughout the 24-hour window, OM sustained approximately 10% in losses. Meanwhile, transaction activity surged dramatically, with trading volume expanding nearly 600% to reach $24 million.
At 11:44 pm UTC Thursday, MANTRA released an emergency statement regarding the situation. The development team acknowledged awareness of “an incident affecting MANTRA Chain” and implemented a precautionary network suspension pending a thorough investigation.
“We don’t have a root cause or timeline to share yet,” the announcement stated. The entire network infrastructure, including all endpoints and transaction processing, was immediately frozen.
MANTRA’s operational status dashboard categorized the situation as a complete system outage. Components affected included public access points, validator nodes, bridge migration infrastructure, and MANTRA-operated Inter-Blockchain Communication relay systems.
We’re aware of an incident affecting MANTRA Chain and have halted the chain as a precaution while we investigate. All endpoints and transactions are currently frozen.
This means deposits and withdrawals to/from MANTRA Chain are temporarily affected. If you’re unsure how thisā¦
ā MANTRA | The EVM L1 for RWAs (@MANTRA_Chain) August 21, 2026
Block production ceased at block height 17,449,398, which was processed at 11:13 pm UTC Thursday. The blockchain has remained dormant with no additional blocks created since that timestamp.
Exchange Services Disrupted by Network Freeze
The blockchain suspension has compelled cryptocurrency exchanges to halt OM deposit and withdrawal functionality. The platforms have not provided an estimated timeframe for service restoration.
MANTRA’s technical team emphasized that network operations will remain suspended until they can verify the platform’s security and stability. Their engineering and cybersecurity specialists are collaborating with third-party experts throughout the investigative process.
MANTRA has not disclosed whether the price decline correlates with the technical incident. Additionally, the organization has not clarified if user funds were compromised or remain at risk.
Background: MANTRA’s Tumultuous Recent History
This development marks another significant challenge for MANTRA following a turbulent period. During April 2025, the project’s previous OM token experienced a catastrophic decline exceeding 90%, plunging from approximately $6.30 to under $0.50. This devastating crash eliminated more than $5 billion in total market capitalization.
The aftermath triggered organizational restructuring and workforce reductions. Chief Executive Officer John Patrick Mullin characterized 2025 as the organization’s most difficult year on record.
Subsequently, in June 2026, Inveniam Capital Partners publicly disclosed acquisition intentions for MANTRA. The proposed transaction came after a $20 million capital injection and was projected to finalize during the third quarter of 2026.
At the time of writing, MANTRA Chain operations remain suspended. The development team has yet to identify the underlying cause or establish a timeline for network restoration.
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