Traders and on-chain researchers accused the Mantra team of using OM tokens as loan collateral and triggering a liquidation during the April 13, 2025 crash, while the team denied holding any loans or engaging in a rug pull.

Quotes that support claims

Mullin denied these theories in follow-up X posts, saying, “The team did not have a loan outstanding” and haven't orchestrated a rug pull.

Some traders allege the token collapse was a rug pull… [or] the Mantra team had used their tokens as collateral to take out a massive loan.