MANTRA halted its blockchain on August 21 after an incident tied to its Cosmos EVM module, sending its token to a new all-time low before recovering part of the loss. The team says two wallet addresses were affected, no user funds were exploited, and a patched release is being tested before a possible restart later the same day.
Chain frozen while developers test a patch
MANTRA halted its blockchain after the Cosmos EVM incident, freezing all endpoints and transactions and temporarily affecting deposits and withdrawals to and from the chain. The team later said it had identified the root cause, tracing the incident to the Cosmos EVM module and two affected wallet addresses before containing the threat.
According to the team: "No user funds were exploited." The project took a full network snapshot before starting the restart process, and its patched v8.4.0 release is being tested on the DuKong testnet ahead of a targeted mainnet upgrade later in the day. Validators have been told to keep their mainnet nodes offline until the restart is officially announced.
The incident followed a major EVM interface upgrade the project launched on August 18, a detail developers are also examining as part of their investigation. Major exchanges have paused OM deposits and withdrawals while the network stays offline, and the team has warned users to avoid anyone offering recovery help outside official channels.
Token hits a new all-time low
The token, now trading as MANTRA after a 1:4 non-dilutive redenomination from its former OM ticker in March, plunged more than 18% after the halt, falling from about $0.0050 to $0.0041 to set a new all-time low. It has since clawed back some of that loss to trade near $0.0046, which still leaves it about 82% below its March 4 all-time high of $0.02627.
April 2025 collapse still shadows the project
This halt lands on a token already marked by last year's crash. OM fell from above $6 to below $1 in less than an hour on April 14, 2025, wiping out roughly 90% of its market value with liquidations exceeding $70 million. CEO John Patrick Mullin attributed the collapse to forced closures by centralized exchanges, which he described as reckless, at the time.
The fallout continued into January 2026, when MANTRA announced staff cuts across several teams, citing a cost base left too high by its 2024 and early-2025 expansion. MANTRA says a full post-mortem on the latest incident will follow once the network is restored.
Sources: CryptoPotato, Coinpedia Fintech News
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