Mantra’s Crypto Crash: OM Token Implodes, Coinbase Says Hold On Tight Until 2025

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Ah, how the mighty have fallen! This week, crypto investors were struck by another crushing blow—though, let’s face it, it was hardly a surprise. Mantra’s OM token—like a drunken dancer at a party—collapsed by over 90% in a matter of hours on April 13. Investors, who had clung to the belief that their digital fortunes would last forever, quickly found themselves staring into the abyss. And the crypto world? Oh, they couldn’t help but draw comparisons to the haunting echoes of the Terra-Luna debacle. What a beautiful, inevitable mess. 😬

Meanwhile, in the lofty halls of Coinbase, whispers were exchanged regarding the cryptic future of cryptocurrencies. Their report for institutional investors painted a bleak picture—cryptos might be stuck in a bear market until the third quarter of 2025. Yes, that’s right, hold on tight, folks. The storm might just last another year. Buckle up. 🐻

Mantra OM token crash exposes “critical” liquidity issues in crypto

So, what exactly happened with Mantra’s OM token? Oh, just another chapter in the saga of crypto’s weekend liquidity woes. As the token nosedived from $6.30 to less than $0.50, conspiracy theories spread faster than rumors at a family reunion. Market manipulation? An unfortunate “perfect storm” of low liquidity, sudden exchange activity, and a few too many fingers poking into a volatile cake. We can all imagine how that went down. 🙄

Gracy Chen, the no-nonsense CEO of Bitget, was all too willing to call out the mess. In an interview, she summed it up perfectly: when wealth is too concentrated, governance is as transparent as a foggy window, and liquidity is thin, you’re in for a real treat. The OM token’s fate was sealed, and not by any divine hand, but by human folly.

“When it’s a token that’s too concentrated, the wealth concentration and the very opaque governance, together with sudden exchange inflows and outflows, […] combined with the forced liquidation during very low liquidity hours in our industry, created the big drop off.”

Crypto in a bear market, rebound likely in Q3 — Coinbase

Don’t get too comfortable, crypto enthusiasts, because Coinbase’s latest market review is giving off some major “things are about to get worse before they get better” vibes. According to their monthly report, the altcoin market cap took a serious dive—down by a staggering 41% from December’s high. How convenient, right? The crypto winter looks like it’s setting in, with venture capital funding in crypto projects falling off a cliff. Good news? A “potential” rebound might be coming… just not anytime soon. 🙄

David Duong, Coinbase’s global head of research, let’s just say he wasn’t bringing the cheer with his warning: “Several converging signals may be pointing to the start of a new ‘crypto winter,’” he said. Yeah, thanks for the heads-up, David. Maybe I’ll just wrap myself in a blanket and wait for 2025… ❄️

Manta founder details attempted Zoom hack by Lazarus that used very real “legit faces”

But wait, the drama doesn’t stop there. Manta Network’s co-founder, Kenny Li, had a close encounter with cybercriminals that sounds more like a bad spy thriller than a Zoom call. Imagine this: a phishing attack so sophisticated, it used actual recordings of people Kenny knew. It was almost too real—no sound, just the perfect “legit faces” staring back at him like something out of a nightmare. But don’t worry, Kenny spotted the red flags and swiftly dodged the bullet, only to watch the hacker disappear into thin air. 🙃

Apparently, the Lazarus Group, a North Korean state-backed hacker collective, was behind the whole thing. Nothing like a friendly Zoom meeting turned into an international conspiracy, eh? Li, ever the detective, managed to capture a screenshot of his conversation before it was erased. And no, it wasn’t some AI-generated nonsense. These faces were as human as the ones at your next family reunion. 😏

Li quickly suggested moving to Google Meet—probably the most reasonable decision he’s made all week. Of course, the hacker wasn’t having it and blocked him. Just like that. Poof! Like any good movie villain, they vanished into the digital ether. 🎭

AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko

Oh, joy! Just when we thought the crypto world might give us something new, we’re back to the same old tunes. AI tokens and memecoins ruled the crypto narrative in the first quarter of 2025, comprising a hefty 62.8% of investor interest. Yep, 62.8%. I suppose we’re all still fascinated by the promise of artificial intelligence and memes—who can resist? So much for breaking the mold. 🙄

Memecoins, for their part, secured a solid second place, capturing 27.1% of the hype. Bobby Ong of CoinGecko shared his brilliant insight into the situation: “Seems like we are all tired from the same old trends repeating themselves.” Really, Bobby? You don’t say? Next thing we’ll know, Bitcoin will make another appearance. Shock and awe. 🥱

Crypto lending down 43% from 2021 highs, DeFi borrowing surges 959%

In another tale of triumph and disaster, crypto lending remains in the dumps. It’s down 43% from its 2021 high, and let’s just say, if you were looking to make a fortune through crypto loans, well, it’s not your time. But hey, on the other side of the coin, decentralized finance (DeFi) borrowing surged by a staggering 959%. Almost like someone took the failed lending market, wrapped it in glitter, and sent it off into the stratosphere. What a world. 🤯

The DeFi market is proving it can weather the storm, while traditional crypto lending just… doesn’t seem to have the same appeal anymore. It’s almost as if centralized finance had its moment, and now it’s time to pass the torch to DeFi. 🔥

DeFi market overview

In more optimistic news—well, as optimistic as crypto can get right now—DeFi has a few winners. Raydium’s (RAY) token jumped over 26%, showing that there’s still life in this chaotic market. Some tokens are doing well, while others… let’s just say they’re hanging on by a thread. But hey, that’s crypto for you, always a rollercoaster of glee and despair. 🎢

Thanks for sticking with us through this week’s rollercoaster of crypto chaos. Who knows what next week holds—perhaps another black swan, or maybe, just maybe, some stability. Let’s hold out for the latter, shall we? 🦢

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2025-04-18 21:17