Defi Chaos: OM Token Tanks, Wallets Ransacked, and DeFi Melts Down

TL;DR (Too Lazy? Here's the Gist)

• Mantra’s OM token nose-dives 90%—community says “insider rug pull,” Mantra says “just bad luck.”

• Phantom browser wallet bug lets hackers walk off with $500K from U.S. investors—now it’s lawsuit season.

• ZKsync gets hit: $5M in tokens vanish after a slick hack, coin price nosedives.

OM Token Meltdown: $227M “Liquidation” or Classic Rug Pull?

Mantra’s OM token didn’t just dip—it did a full-on bungee jump without a cord, crashing 90% in April. On-chain detectives spotted $227M worth of OM getting shuffled from 17 wallets (some linked to big investors) to exchanges right before the nosedive. Mantra’s team swears it was just a “reckless liquidation,” but the crypto crowd isn’t buying it. Even OKX’s CEO is calling for a public investigation. Investors? Furious—and lawyering up.

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Phantom Wallet: $500K Vanishes, Lawsuit Heats Up

Imagine logging in to check your crypto bags—and finding them totally empty. That’s what happened to a bunch of Phantom browser wallet users, including lawyer Liam Murphy, who saw his Wiener Doge meme coin project crash from $3M to “meme coin dust.” The hack? Exploited a security flaw that let bad guys nab private keys straight from browser memory. Now, Murphy and friends are suing Phantom and crypto exchange OKX, blaming them for negligence and (allegedly) making it easier to launder the loot. The message? Your browser wallet might be more “phantom” than you think.

👉 Full story here

ZKsync: $5 Million Hacked with a Single Key

Here’s a fun one: ZKsync, an Ethereum Layer-2 protocol, lost $5 million after a hacker used a compromised admin key to mint and swipe 111 million unclaimed ZK tokens. (If only it was this easy to print money legally.) The hack tanked ZK’s price by 20%, while the devs called in security pros and law enforcement to chase down the thief. This isn’t a one-off—similar security blunders have battered coins like Mantra and Story. Reminder: “Decentralized” doesn’t mean “invincible.”

👉 Read how it happened

Stay safe. If you spot a scam—or have a wild crypto story—hit reply. We read every single one (sometimes twice, if it’s juicy).

Forward this to that friend who still thinks DogeCoin is a retirement plan.

Catch you next week,
The Crypto Asset Recovery Team