All endpoints cut, without explanation. MANTRA Chain, the layer 1 blockchain specializing in the tokenization of real world assets (RWA), froze all of its transactions on Thursday following an as yet unidentified incident. Deposits and withdrawals have been blocked since, without official cause or announced return deadline. A scenario which, for anyone who has been following this protocol for more than a year, seems like déjà vu.
MANTRA cuts everything, without giving a reason
The team published a message on
Neither hack confirmed, nor technical bug designated, nor malicious actor identified. The only official instruction remains to wait, without relying on anything other than the project channels, according to the official MANTRA Chain status page. The OM token fell by around 10% in twenty-four hours, a wise decline given the silence surrounding it, and going against the tide of a crypto market that is also in full rally.
The ghost of April 2025 hovers over OM
So, we could say that this is one more hack in an ecosystem damaged by hacks. However, Mantra has a precedent.
On April 10, 2025, the OM token lost more than 90% of its value in a few hours, falling below $0.50 and erasing more than $5 billion in capitalization. Co-founder John Patrick Mullin then spoke of “forced and negligent liquidations” triggered by centralized exchanges on a Sunday evening, during peak liquidity hours. The stunt forced the liquidation of $71.8 million in positions, and prompted the team to burn 300 million OM tokens in an attempt to restore confidence.
Sixteen months later, do it again. Or almost. This week's incident has, for the moment, no confirmed link with that of April 2025: nothing indicates a repetition of the same mechanism. But the coincidence of calendar clearly does not work in favor of the protocol. A network that cuts its endpoints without explanation, less than a year and a half after losing 90% of its value overnight, is no longer really entitled to the benefit of the doubt.
“We have noticed an incident affecting the MANTRA channel and have suspended it as a precautionary measure while we conduct our investigation.
All endpoints and transactions are currently blocked. Therefore, deposits and withdrawals to/from the MANTRA chain are temporarily affected.
If you are unsure about the impact on a specific transaction, please wait until we provide further information.
We do not yet have information on the cause of the problem or the expected timeline. We will post updates here and on our official channels as soon as we verify the information.
Please rely only on official MANTRA channels for the latest information.”
RWA, a sector that has not finished proving its robustness
The incident comes at a bad time for a sector which seeks to reassure institutional investors. The real asset tokenization market grew tenfold between 2025 and 2026, driven by tokenized stocks and bonds. Except that the mechanics remain young, and the flaws with it. In July, the Edel Finance protocol lost $400,000 after an attacker exploited a flaw in the conversion between a tokenized Google stock and its “wrapped” version, artificially increasing the value of the collateral to 78 times its real price. Another figure that makes you dizzy: according to the most recent data, only 10% of tokenized RWA actually circulates in permissionless DeFi protocols, the rest sleeping in closed structures, far from the eyes of the market.
MANTRA is neither the first nor the last RWA network to stumble on its own promise of institutional reliability. The sector relies on trust to attract traditional capital, and each network outage without explanation eats away a little of this patiently built capital. The next official communication from the MANTRA team, expected on its usual channels, will say whether this episode remains a simple technical incident or the prelude to a new spring of 2025.
