MANTRA token falls 18.5% to record low as chain halt freezes deposits and withdrawals

MANTRA’s OM token fell 18.5% from its 24-hour high to a record low of $0.004126 on Thursday night, while MANTRA Chain stopped producing blocks and the project paused the network as a precaution over an unexplained incident. According to CoinGecko, OM dropped from $0.005060 to its all-time low around 11:00 pm UTC on Thursday. It later recovered to about $0.0044, but it was still down roughly 10% over the past 24 hours. Trading volume rose nearly 600% to $24 million. MANTRA said Friday it was “aware of an incident affecting MANTRA Chain” and had halted the network while it investigated. “We don’t have a root cause or timeline to share yet,” the project said, adding that all endpoints and transactions were frozen. The halt prevents assets from moving on MANTRA Chain and has led affected exchanges to pause deposits and withdrawals. No timeline has been given for either service to resume. MANTRA’s status page said the incident was a full outage affecting public endpoints, validators, bridge migration operations and MANTRA-managed Inter-Blockchain Communication relays. The team said it would not restart the network until it was confident it was safe. The network’s public RPC showed block 17,449,398, produced at 11:13 pm UTC on Thursday, as the latest block. MANTRA posted its initial incident notice at 11:44 pm, while CoinGecko showed the token’s low around 11:10 pm. MANTRA has not said whether the price move was related to the incident or whether any assets were lost or placed at risk. Cointelegraph said it contacted the MANTRA team for more information but had not received a response by publication. The latest decline follows the April 2025 collapse of MANTRA’s former OM token, which plunged more than 90% from about $6.30 to below $0.50 and erased more than $5 billion in market value. In June, Inveniam Capital Partners announced plans to acquire MANTRA after investing $20 million in the project in 2025. The acquisition followed January layoffs and restructuring after CEO John Patrick Mullin described 2025 as the project’s most challenging year.