Connect with us
DAPA Banner

Crypto World

MANTRA Jumps 33% after MEXC Supports Token Swap

Published

on

OM Market Cap Chart - CoinGecko

After a fall from grace last year, Mantra is seemingly attempting a comeback with a rebrand.

Less than a year after Mantra’s OM token inexplicably plummeted 90% in minutes, the real-world asset (RWA) protocol is rebranding to a new token, and OM is up 33% today after MEXC announced its support for the token swap.

OM’s market capitalization jumped from $55 million to $72 million after the crypto exchange said it would support the upcoming migration from OM to MANTRA. MEXC will accept deposits of OM, which will be swapped 1:4 to MANTRA.

Despite rallying 33%, OM is still down 99% from its all-time high of $8.5 in February 2025 and currently trades at $0.06.

Advertisement
OM Market Cap Chart - CoinGecko
OM Market Cap Chart – CoinGecko

The rebranding comes just one month after Mantra announced staff cuts amidst a company restructuring.

While it remains to be seen whether this restructuring and token migration will help restore Mantra’s tarnished image, other protocols that have taken the token migration route have not fared well.

The most notable examples include Polygon’s migration from MATIC to POL, and Fantom’s migration and pivot from FTM to Sonic and its S token.

MATIC reached an all-time high fully diluted valuation (FDV) of $29.2 billion in December 2021, and POL now trades at a $1 billion FDV. FTM also reached its previous all-time high in December 2021, achieving an $11 billion FDV, but S now trades at just $171 million.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Crypto Scam Leader Extradited to China to Face Charges

Published

on

Crypto Scam Leader Extradited to China to Face Charges

Li Xiong, a key member of a group that allegedly helped crypto scam rings in Asia to move money, has been extradited from Cambodia to China, where he will face fraud and money laundering charges, according to Hong Kong-based news outlet Ta Kung Wen Wei.

On April 1, with strong support from the relevant authorities in Cambodia, a task force sent by China’s Ministry of Public Security successfully escorted Li Xiong, a core key member of the Chen Zhi criminal syndicate, back to China from Phnom Penh, Cambodia,” it said on Wednesday, citing a statement from China’s Ministry of Public Security on WeChat.

Xiong previously served as chairman of Huione Group, an alleged criminal organization that served scam centers in Cambodia that carried out “pig butchering” scams and other investment schemes to steal crypto from victims around the world. 

Huione Group was responsible for one of the largest illicit online marketplaces in the world, handling over $89 billion in cryptoassets.

Advertisement
Source: Jacob in Cambodia

His extradition comes three months after the arrest of Chen Zhi, the head of Prince Group, which operates Huione Group. In October, it was reported that the US Department of Justice seized 127,271 Bitcoin (BTC) worth more than $15 billion from Zhi.

Related: Hong Kong retiree loses $840K in triple ‘crypto expert’ scam

The US Treasury Department’s Financial Crimes Enforcement Network directed US banks to cut payments and accounts tied to the Huione Group in October.

Authorities ask other Huione members to surrender

Ta Kung Wen Wei noted that several other members of Zhi’s criminal syndicate have been brought to justice “one after another,” citing comments from Chinese public officials.

“Public security authorities will continue to intensify efforts to capture fugitives,” it said, adding:

Advertisement

“At the same time, they once again warn criminals to recognize the situation, stop before it is too late, surrender as soon as possible, and strive for lenient treatment.”

Magazine: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan