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The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Here's the top headlines in crypto in the past 48 hours including BTC, Mantra's OM crash and more.

Switzerland-based trading firm Laser Digital, which is part of the Nomura Group, has denied any involvement in the Mantra token flash crash that saw OM lose lose 90% of its value.

TL;DR Mantra's OM token lost over 90% of its value within an hour, wiping out $5.5 billion in market capitalization after a suspicious transfer to OKX. Coordinated movements from at least 17 wallets were detected before the crash, alongside recent changes in the token's economic model.

Investors are reeling over MANTRA's OM token crash that has erased $5 billion in market cap within hours. Plus, Jack Dorsey, Elon Musk push to "delete all IP law" and Etehreum Founder VitalikButerin calls for improving privacy.

Mantra CEO John Mullin addressed key concerns from the community following the sharp decline in the OM token during an Ask Me Anything (AMA) session hosted by Cointelegraph on April 14.Mullin reassured users that Mantra and its partners are actively working to support the recovery of the Mantra (OM) token, though he noted that details around token buybacks and potential burns are still being developed. “We're still in the early stages of putting together this plan for potential buyback of tokens,” the CEO said, adding that the OM token recovery is Mantra's “preeminent and primary concern right now.

OKX prepares reports following 90% crash in OM token value.

Mantra is under scrutiny following the recent collapse of its OM token, which experienced a sharp decline on April 13.

Two major players tied to the OM token—MANTRA's co-founder and Nomura's Laser Digital—issued statements Monday distancing themselves from the token's 90% price drop over the weekend.

MANTRA (OM) has suffered a catastrophic 90% price wipeout in what's now being referred to as the most severe MANTRA crash to date.It was reportedly sparked by fears surrounding a major forced liquidation event.

The OM token of Mantra experienced a turbulent weekend, crashing by over 90% before achieving a spectacular rebound of 200%. The token's price, which had hit a low of 0.37 dollars, climbed back up to 1.10 dollars on April 14. However, behind this recovery lies a complex story, full of accusations, suspicions, and market dynamics that closely resemble the collapse of Terra (LUNA) in May 2022. The collapse of the OM token has triggered a flurry of accusations on social media, with many users openly discussing a possible rug pull, which is a scam where the creators of a project suddenly abandon it, taking away investors' funds. The rumors have become more persistent after reports emerged of suspicious transfers of OM tokens to centralized exchanges, just before the collapse of the crypto Mantra (OM).

Mantra's OM token rebounded 200% after a 90% crash, but analysts warn of structural risks reminiscent of Terra LUNA's collapse, raising concerns over tokenomics and forced liquidations by centralized exchanges. The post Mantra's OM Price Recovers 200%, But Analysts Warn of LUNA-Level Risk appeared first on Cryptonews.

Laser Digital said it wasn't involved in MANTRA's crash on Sunday and denied sending millions in OM tokens to OKX.

After Mantra's OM token collapsed 90%, many analysts started pointing to insider selling. The latest move by Mantra DAO amplified these concerns.

An Insider-linked wallet moved $41M in OM to OKX just before the crash, sparking panic and triggering a 90% price collapse. The OKX CEO slammed the incident as a “scandal” and pledged complete transparency on liquidation and collateral data.

In the wake of the Mantra scandal, Quinn Thompson, the founder and Chief Investment Officer of Lekker Capital, has once again raised red flags about another RWA project Ondo Finance.

Recently, the OM token from the Mantra chain crashed over 90% in just an hour wipign out over $5.5 billion in value causing havoc in the crypto market. It all started when a wallet possibly linked to the OM team deposited 3.

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13, onchain data suggests. At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.

Blockchain analysts have identified large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, raising questions about insider activity and the stability of the project.Laser Digital, a strategic Mantra investor, reportedly cashed out large portions of Mantra (OM) tokens before the cryptocurrency collapsed on April 13, onchain data suggests. At least two wallets linked to Laser Digital were among 17 wallets that moved a combined 43.6 million OM tokens — worth about $227 million at the time — to exchanges before the crash, according to blockchain analytics platform Lookonchain, citing Arkham Intelligence data.

Update (April 14, 1:15 pm UTC): This article has been updated to add comments by Mantra CEO John Mullin from an AMA event hosted by Cointelegraph.Update (April 14, 4:33 pm UTC): This article has been updated with data from Arkham Intelligence.Mantra CEO John Mullin denied reports suggesting large-scale token transfers by major Mantra investors in the days leading up to the sharp collapse of the OM token, while speaking in an AMA hosted by Cointelegraph on April 14. “The Mantra association, our key investors, our advisers — no one has sold, and we are going to categorically deny and also provide verifiable proof onchain proof that this is the case,” Mullin stated in the AMA.

Mantra's co-founder dismissed team involvement, citing forced liquidations on exchanges as the cause.

The full implications of OM's crash are still unfolding. As the Mantra team works to rebuild trust and provide clarity, the incident serves as a stark reminder of the volatility and risks inherent in the cryptocurrency market.

TL;DR Massive Price Crash: Mantra (OM) plummeted over 90% overnight, falling from roughly $6.30 to about $0.70, erasing billions in market value and triggering tens of millions in forced liquidations. Triggering Factors: The implosion began during a low-liquidity period, with large investors shifting significant amounts of tokens to major trading platforms, sparking panic selling.

OM token collapse investigated by OKX, triggering industry-wide concerns.