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Today's Top Crypto Headlines:
Mantra Token OM Crash | CZ Denies Testifying Rumor | NFT Trader Guilty of Tax Fraud and more...
King Fatrick Gil Añasco
April 14, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Mantra Token OM Crash: OM token plunged 90% on April 13, wiping $6B+ in market cap. Co-founder John Mullin blamed exchange-driven liquidations during low-liquidity hours.
CZ Denies Testifying Rumor: CZ dismissed WSJ claims that he agreed to testify against Justin Sun, calling them “baseless” and politically motivated.
💡Feature of the Day - NFT Trader Guilty of Tax Fraud: NFT trader Waylon Wilcox admitted to underreporting $13M in profits from CryptoPunks, dodging $3.2M in taxes.
All this and more in today’s headlines!
📰 News Highlights:
The Mantra token (OM) saw a dramatic 90% collapse on April 13, plummeting from $6.30 to under $0.50, erasing over $6 billion in market cap.
Sherpas, OMies, and broader crypto community,
First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.
We have determined that
— JP Mullin (🕉, 🏘️) (@jp_mullin888)
11:16 PM • Apr 13, 2025
Mantra co-founder John Mullin attributed the crash to forced liquidations by centralized exchanges, with one unnamed exchange being a likely culprit.
@MANTRA_Chain The team did not have a loan outstanding. This was only related to 3rd party investor positions on CEXs.
— JP Mullin (🕉, 🏘️) (@jp_mullin888)
12:43 AM • Apr 14, 2025
He emphasized the crash occurred during low-liquidity hours, suggesting either negligence or manipulation.
It’s a big scandal to the whole crypto industry. All of the onchain unlock and deposit data is public, all major exchanges’ collateral and liquidation data can be investigated. OKX will make all of the reports ready!
— Star (@star_okx)
5:00 AM • Apr 14, 2025
While rumors circulated about rug pulls and unpaid loans, Mullin denied all speculation, asserting that OM tokens remain locked and the tokenomics unchanged.
Just within 3 days before the crash, this group of fresh $OM whales moved 14.27M $OM (~$91M) to #OKX at an average price of $6.375.
Back in late March, they had jointly scooped up 84.15M $OM from #Binance for ~$564.7M (avg. $6.711).
Now, after a brutal ~90% drop, their
— Spot On Chain (@spotonchain)
1:56 AM • Apr 14, 2025
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Former Binance CEO Changpeng “CZ” Zhao has denied claims from the Wall Street Journal that he agreed to testify against Tron founder Justin Sun as part of a US DOJ plea deal.
WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn't. 🤯
People who become gov witnesses don't go to prison. They are protected.🤷♂️
I heard someone paid WSJ employees to smear me.😅
— CZ 🔶 BNB (@cz_binance)
11:25 AM • Apr 12, 2025
Labeling the report “baseless” and politically motivated, CZ said that unlike protected witnesses, he served a four-month prison term, suggesting the allegations are fabricated.
Multiple people have told me again WSJ is writing another baseless hit piece about me. 4 😂
— CZ 🔶 BNB (@cz_binance)
6:59 AM • Apr 11, 2025
He implied the article might be the result of smear campaigns or lobbying efforts against Binance.
They always try to use rumors to drive us apart, to divide us instead of unite us. Crypto is already a small space—only by standing together can we change everything! We need every single one of your votes!
— H.E. Justin Sun 🍌 (@justinsuntron)
2:36 AM • Apr 12, 2025
Sun responded by calling CZ a close friend and said he was unaware of such rumors.
Interesting nugget in the WSJ story that Binance is seeking to get Treasury to remove the monitor appointed to oversee them
They report that as part of CZ’s plea deal, he agreed to give evidence on Justin Sun
— db (@tier10k)
1:10 AM • Apr 12, 2025
💡 Feature of the Day:
Waylon Wilcox, a 45-year-old NFT trader, pleaded guilty to underreporting nearly $13 million in profits from selling CryptoPunks, facing up to six years in prison.
ZKM | Center for Art and Media has always been ahead of its time. They were the first institution to acquire CryptoPunks as a part of their permanent collection.
Now, four CryptoPunks - #1286, #2554, #2838, & #5449 - hang alongside Nam June Paik, Bill Viola, and Jeffrey Shaw in
— CryptoPunks (@cryptopunksnfts)
6:57 PM • Apr 8, 2025
He filed false tax returns for 2021 and 2022, reducing his tax liabilities by a combined $3.2 million.
Prosecutors say Wilcox answered “no” on digital asset activity questions and misrepresented gains from 97 CryptoPunk trades totaling over $12 million in profits.
😂 Crypto Meme of the Day:
Meme of the day provided by @CryptoNewsBot
And that’s it for this today.
See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com