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Crypto Investor Sentiment took an even more severe hit this week after Mantra’s OM token collapsed more than 90% within hours on Sunday, April 13, causing knee comparisons to previous Black Swan events, such as the Terra-Luna collapse.
Elsewhere, a report on Coinbase institutional investors added concerns by highlighting that cryptocurrencies could be in the bear market until the recovery occurs in the third quarter of 2025.
Mantra Homme Token Crash exposes “critical” liquidity issues in cryptography
Mantra’s recent token collapse highlights issues within the crypto industry with fluctuations in weekend liquidity levels, creating additional volatility that could have exacerbated token conflicts.
The price of the Mantra (OM) Token collapsed more than 90% on Sunday, April 13, from around $6.30 to under $0.50, causing allegations of market manipulation among disillusioned investors, Cointelegraph reported.
While blockchain analysts still stitch together the reasons behind the OM collapse, the event highlights some important issues for the crypto industry, according to Gracy Chen, CEO of Cryptocurrency Exchange Bitget.
“OM Token Crash exposed some important issues that we can see not only as OM but also as an industry,” he added on the ChainReaction Daily X Show at Cointelegraph.
“For tokens that are too concentrated, with wealth concentration and very opaque governance, and sudden exchange inflows and outflows. […] Coupled with forced liquidation during very low liquidity times in our industry, it produced a big drop-off. ”
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Cryptocurrency in the Bear Market, possibly rebound in Q3 – Coinbase
A commonly traded monthly market review by US-based Crypto Exchange Coinbase shows that crypto markets appear to be ready for a better quarter while they are under contract.
According to Coinbase’s April 15 monthly outlook for institutional investors, Altcoin’s market capitalization had shrunk by 41% from its December 2024 high of $1.6 trillion. Data from the BTC Tools show that the metric reached a low of $906.9 billion on April 9th, reaching $976.9 billion at the time of writing.
Venture capital funding for crypto projects reportedly fell by 50% to 60% from 2021 to 2022. In the report, Coinbase’s global research director David Duon emphasized that a new cryptography winter may be above us.
“Some convergence signals may refer to the onset of a new ‘crypto winter’ as some extreme negative sentiments have been set up due to the launch of global tariffs and the possibility of further escalation,” he said.
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Details of the founder of Manta attempted a zoom hack by Lazarus using a very realistic “legal face”
Manta Network co-founder Kenny Li said she targeted sophisticated phishing attacks against Zoom using live recordings from familiar people to tempt them to download malware.
The meeting looked real with successful people on camera, but the lack of sound and questionable prompts for downloading scripts said in the X-Post on April 17th.
“I was able to see their legal faces. Everything looked very realistic. But I couldn’t hear them. Zoom said they needed an update. But I asked them to download the script file. I left immediately.”
Li then asked the impersonator to confirm themselves with a telegram call, but they refused to obey, erasing all messages and blocking them immediately.
Lee said the North Korean province-backed Lazarus group was behind the attack.
Manta Network co-founders were able to screenshot conversations with attackers before the message was deleted. Meanwhile, Li suggested that she call Google Meet first.
Speaking to Cointelegraph, Li said she believes that the live shots used in the video call were taken from past recordings of actual team members.
“It didn’t seem to be generated by AI. The quality seemed like what a typical webcam quality would look like.”
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AI Token, Memocoin Dominates the Crypto Story in Q1 2025: Coingecko
The cryptocurrency market is still recycling old stories, with few new trends still appearing in the first quarter of 2025 and replacing major themes.
According to Coingecko’s quarterly research report, Artificial Intelligence Tokens and Memocoin are the major crypto stories for the first quarter of 2025, accounting for 62.8% of investor interest. The AI Token won 35.7% of global investors’ interest, overtaking the memokine share of 27.1%.
Of the top 20 cipher stories for the quarter, six were in the Memocoin category, and five were AI-related.
“It appears that another new story hasn’t appeared and we’re still following trends over past quarter trends,” said Bobby Ong, co-founder and chief operating officer of Coingecko, in the X-Post on April 17th. “I think we’re all tired of repeating the same old trends.”
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Cryptocurrency decreases 43% from 2021 high, defi borrowing surge 959%
The size of the crypto loan market has dropped significantly from its $64 billion high, but decentralized finance (DEFI) borrowings have resulted in a recovery of over 900% from the low bare market.
Crypto lending allows borrowers to obtain crypto or fiat loans using their crypto holdings as collateral, while lenders can use their possessions to generate interest.
The crypto loan market fell from a record high of $64.4 billion in 2021 to $36.5 billion at the end of the fourth quarter of 2024, according to the Galaxy Digital Research Report, issued on April 14th.
“The decline can be attributed to decimation of supply-side lenders and demand-side funds, individuals, and business associations,” according to Zack Pokorny, a research associate at Galaxy Digital.
The decline in the crypto loan market began in 2022 when Centralized Finance (CEFI) lenders Genesis, Celsius Network, Blockfi and Voyager filed for bankruptcy when the crypto valuation fell within two years.
Their collective downfall has resulted in a repeated collapse of the lending market by an estimated 78%, losing 82% of borrowings where CEFI loans have been opened, according to the report.
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Overview of Defi Market
Most of the 100 largest cryptocurrencies by market capitalization ended in a week on Green, according to data from Cointelegraph Markets Pro and TradingView.
Decentralized Exchange (DEX) Raydium (Ray) tokens rose by over 26% as the biggest winner of the week, followed by AB Blockchain (AB) utility tokens, up over 19% on the weekly chart.
Thank you for reading this week’s most impactful Defi development summary. See more stories, insights and education about this dynamic space next Friday.
