Spell (OM) price crashes 90% in one hour: CEO provides instructions

Rarely do we see billions of dollars worth of market cap being removed within a few hours.

This is the case with the spell (OM). The protocol, largely considered one of the best RWA crypto projects of 2025, has experienced a huge crash that eliminated 90% of its market value in less than an hour.

According to Coinglass, the OM price rose from $6 to below $1 from $6, while the liquidation price exceeded $70 million.

JP Mullin of the question said about this:

We have determined that changes in the OM market are triggered by reckless closures initiated by centralized exchanges of OM account holders. The timing and depth of the crash indicate that a very sudden account position closure was initiated without sufficient warning or notification.

Sherpas, Omies and the broader crypto community,

First, the team and I are very grateful for the support we have received over the past few hours, and we think it proves the strong support of the spell in their investors and communities.

We’ve confirmed…

– JP Mullin(,️) (@jp_mullin888) April 13, 2025