In an exclusive interview with FXStreet, Bitget CEO Gracy Chen addresses one of the crypto industry’s cautionary tales: the roughly 90% crash of the Mantra (OM) token on April 13, 2025. Billions in market value were erased within hours as OM crashed from highs above $6.00 to approximately $0.35 during a period of thin liquidity.

John Patrick Mullin, co-founder and CEO of Mantra, attributed the collapse largely to “reckless forced closures initiated by centralized exchanges (CEXs) on OM account holders.”

Asked about Mullin’s claim that forced liquidations by centralized exchanges triggered the crash, Chen said the incident revealed structural gaps that cut across the board, highlighting “poor liquidity, opaque market‑maker…