MANTRA’s native token sank 18.5% from its 24-hour high to a record low shortly before MANTRA Chain stopped producing blocks and its team announced a precautionary halt over an unexplained incident.
According to CoinGecko, MANTRA fell from $0.005060 to an all-time low of $0.004126 around 11:00 pm UTC on Thursday. It later recovered to about $0.0044 but remained down roughly 10% over 24 hours, while trading volume climbed nearly 600% to $24 million.
MANTRA said Friday it was “aware of an incident affecting MANTRA Chain” and had halted the network as a precaution while it investigated. “We don’t have a root cause or timeline to share yet,” the project said, adding that all endpoints and transactions were frozen.
The halt prevents assets from moving on MANTRA Chain and has prompted affected exchanges to pause deposits and withdrawals, with no timeline given for either service to resume.
MANTRA’s 24-hour price chart. Source: CoinGecko
MANTRA Chain remains halted as investigation continues
MANTRA’s status page classified the incident as a full outage affecting public endpoints, validators, bridge migration operations and MANTRA-managed Inter-Blockchain Communication relays. The team said it would not restart the network until it was confident it was safe.
The network’s public RPC listed block 17,449,398, produced at 11:13 pm UTC on Thursday, as its latest block. MANTRA posted its initial incident notice at 11:44 pm, while CoinGecko showed the token reaching its low around 11:10 pm.
MANTRA has not said whether the price movement was related to the incident or whether any assets were lost or placed at risk.
Cointelegraph contacted the MANTRA team for additional information but did not receive a response by publication.
Related: Mantra says CEO has begun the process of burning his 150M OM tokens
The latest decline follows the April 2025 collapse of MANTRA’s former OM token, which plunged more than 90% from about $6.30 to below $0.50 and erased more than $5 billion in market value.
In June, Inveniam Capital Partners announced plans to acquire MANTRA after investing $20 million in the project in 2025. The acquisition followed January layoffs and restructuring after CEO John Patrick Mullin described 2025 as the project’s most challenging year.
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