Major crypto exchanges, including Binance and OKX, have responded to the recent OM price crash, assuring users that they are investigating the situation and will provide updates on their findings.
On April 14, a day after the Mantra token’s market cap lost $5.5 billion due to market volatility, Binance addressed the incident through a statement via its Customer Support account on X.
Binance is aware that $OM, the native token of MANTRA, has experienced significant price volatilities. Our initial findings indicate that the developments over the past day are a result of cross-exchange liquidations.
Since October of last year, Binance has implemented various…
— Binance Customer Support (@BinanceHelpDesk) April 14, 2025
Binance’s initial analysis indicates that the price crash was caused by a series of cross-exchange liquidations over the preceding day. In light of the token’s volatility, Binance confirmed that it had introduced a pop-up warning for OM token’s spot trading since January 2025. This warning alerted users to “significant changes” in the token’s economics, particularly an increase in token supply.
“We remain dedicated to monitoring the situation closely and will continue to take appropriate actions to protect our users and maintain the integrity of our platform. Thank you for your continued trust in Binance,”
the Binance Help Desk account stated.
Binance further stated that leverage levels for the OM token had been reduced since October of the previous year. Despite this, many traders criticized the exchange in the comments for not delisting the token before the incident.
On the other hand, OKX CEO Star referred to the OM price drop as “a big scandal for the entire crypto industry.” He assured users that OKX would prepare detailed reports on the situation, as all relevant data is available on-chain.
“All of the on-chain unlock and deposit data is public, and major exchanges’ collateral and liquidation data can be investigated. OKX will make all of the reports ready!”
Star confirmed this in a recent post.
It’s a big scandal to the whole crypto industry. All of the onchain unlock and deposit data is public, all major exchanges’ collateral and liquidation data can be investigated. OKX will make all of the reports ready! https://t.co/YYnb1ByUGL
— Star (@star_okx) April 14, 2025
Meanwhile, OKX has temporarily halted its DEX aggregator services in response to an attempted exploitation by North Korea’s Lazarus Group, the infamous hacking collective responsible for the $1.5 billion Bybit hack.
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