MANTRA Chain shutdown triggers 18% token plunge to all-time low
Following an unprecedented low, the token bounced back to approximately $0.0044, as cryptocurrency exchanges suspended MANTRA Chain deposit and withdrawal services.
The native token of MANTRA experienced an 18.5% decline from its peak within a 24-hour period, reaching an unprecedented low just moments before the MANTRA Chain ceased block production and the development team issued a precautionary shutdown notice due to an unspecified incident.
Data from CoinGecko indicates that MANTRA dropped from a price of $0.005060 to reach its lowest point ever at $0.004126 at approximately 11:00 pm UTC on Thursday evening. The digital asset subsequently rebounded to around $0.0044 but continued to show approximately a 10% decline across the 24-hour timeframe, even as trading volume surged by nearly 600% to reach $24 million.
In a statement released on Friday, MANTRA acknowledged it was "aware of an incident affecting MANTRA Chain" and had implemented a network halt as a preventative measure during the ongoing investigation. "We don't have a root cause or timeline to share yet," the project stated, noting that all endpoints and transactions had been frozen.
The network shutdown has effectively prevented the movement of any assets on MANTRA Chain and has led affected cryptocurrency exchanges to suspend both deposit and withdrawal operations, with no specified timeframe provided for when either service might be restored.
MANTRA Chain remains halted as investigation continues
According to MANTRA's status page, the incident has been categorized as a complete outage impacting public endpoints, validators, bridge migration operations and MANTRA-managed Inter-Blockchain Communication relays. The development team indicated it would refrain from restarting the network until complete confidence in its safety had been established.
The network's public RPC showed block 17,449,398, which was produced at 11:13 pm UTC on Thursday evening, as the most recent block. MANTRA published its first incident notification at 11:44 pm, whereas CoinGecko data indicated the token hit its lowest point at approximately 11:10 pm.
MANTRA has not disclosed whether the price decline was connected to the incident or if any assets have been lost or are currently at risk.
Cointelegraph reached out to the MANTRA team requesting additional information but had not received a response at the time of publication.
This most recent downturn comes after the April 2025 collapse of MANTRA's previous OM token, which experienced a precipitous drop exceeding 90% from approximately $6.30 to under $0.50 and wiped out more than $5 billion in market capitalization.
During June, Inveniam Capital Partners revealed its intention to acquire MANTRA following a $20 million investment in the project throughout 2025. This acquisition announcement came after January layoffs and organizational restructuring that occurred after CEO John Patrick Mullin characterized 2025 as the most challenging year in the project's history.