This week in crypto, a dramatic collapse in Mantra’s OM token reignited discussions about weekend volatility and the risks of thin liquidity, while Canada made headlines by launching spot Solana ETFs with staking features. The US Securities and Exchange Commission (SEC) also confirmed an upcoming roundtable on digital asset custody, and fresh institutional activity highlighted continued confidence in blockchain infrastructure and innovation.

The most significant story this week was the sudden collapse of Mantra’s OM token, which fell over 90 percent on Sunday 13 April, from around $6.30 to under $0.50 USD. The plunge was worsened by low weekend liquidity, triggering forced liquidations across centralised exchanges. Speculation around insider selling and a rug pull was quickly addressed by Mantra’s team, who denied any project-led token sales and confirmed all team allocations remain locked. CEO John Patrick Mullin attributed the drop to reckless forced closures and has since pledged a buyback and burn program while promising a full post-mortem.

In response, Digital Surge temporarily disabled buys on OM to protect customers and is will continue to actively monitor the situation. While volatility is part of crypto markets, this incident highlights the importance of caution during thin trading periods and reinforces the need for greater transparency and risk controls.

In more positive news, Canada launched multiple spot Solana (SOL) ETFs on 16 April, pushing institutional access to another major blockchain ecosystem. These ETFs are expected to include staking features, which could make them even more attractive to investors seeking yield. Canada’s move adds pressure on US regulators to catch up in offering diversified ETF products beyond Bitcoin and Ethereum. Meanwhile, the US SEC delayed its decision on whether to permit Ether staking in two of Grayscale’s ETH funds. This pause reflects the regulator’s continued caution, especially as it navigates the legal grey areas surrounding staking services and potential securities implications.

The US SEC announced it will host a crypto custody roundtable on April 25, bringing together industry representatives from firms including Kraken, Anchorage Digital and Exodus. The discussion is expected to focus on how digital assets should be securely held and managed. With custody being a foundational element for institutional involvement in crypto, the outcomes of this event could help shape future regulatory frameworks and infrastructure standards.

Over in South Korea, the Financial Services Commission (FSC) took bold steps by blocking 14 crypto exchange apps on the Apple Store, including KuCoin and MEXC. The move expands an existing crackdown on unauthorised platforms servicing Korean residents. It also reflects a global trend of tightening controls on digital asset access through traditional tech platforms.

The Web3 space also saw major movement. Galaxy Research proposed a revamped voting system for Solana’s inflation management after a prior governance vote failed to reach consensus. Their proposal aims to streamline how decisions are made regarding SOL’s monetary policy, an issue with long-term implications for token holders.

Finally, a curious quantum challenge emerged from Project Eleven, a research firm that launched a competition offering 1 BTC to anyone who can break a small piece of Bitcoin’s cryptography. While it is unlikely to yield a breakthrough, the challenge highlights ongoing concerns about the potential future threat of quantum computing to blockchain security. The contest also draws attention to the growing need for quantum-resistant protocols as technology evolves.

The OM crash served as a stark lesson in the risks of low liquidity environments, especially on weekends when automated liquidations can spiral rapidly. As platforms and traders digest the impact, attention is shifting toward regulatory frameworks, technological innovation and continued institutional progress. With quantum threats on the radar and ETFs expanding globally, the industry is marching forward, albeit with occasional setbacks.

More news stories circulating the block: 

• Ethereum transaction fees dropped to a five-year low

• A16z makes another investment in LayerZero

• Four crypto ETPs launch on London Stock Exchange via Bitwise

• Trump-affiliated World Liberty Financial makes SEI purchase

• UFC President Dana White joined VeChain as an adviser