Mantra CEO Plans to Burn Team’s Tokens to Regain Community Trust

After the severe collapse of the OM token, Mantra CEO John Mullin announced he would burn all team-allocated tokens in an effort to regain community trust and reaffirm transparency with investors.

Mantra Ceo Plans To Burn Team’s Tokens To Regain Community Trust

John Mullin, CEO of Mantra, has announced his intention to burn the 300 million OM tokens allocated to the project’s core team in a bold move to restore community trust after the token’s unexpected crash on April 13.

“I’m planning to burn all of my team tokens. And if we manage to turn things around, the community and investors can decide whether I’ve earned them back,” Mullin posted on X on April 16.

According to a blog post on April 8, Mantra had previously set aside 300 million OM — approximately 16.88% of the total supply of nearly 1.78 billion — for its founding team and key contributors. These tokens are currently locked and were scheduled to vest gradually between April 2027 and October 2029.

At current market prices (around $0.78 per OM), the tokens are valued at roughly $236 million. However, before the collapse, they were worth as much as $1.89 billion when OM was trading at a high of $6.30. The token later plummeted to just $0.52, wiping out more than $5.5 billion in market value, according to CoinGecko data.

Ceo Mantra Anncount On X
Ceo Mantra Anncount On X

While many community members supported Mullin’s gesture, others expressed concern that the token burn could undermine the team’s long-term commitment to the project’s development.

“This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term,” said Ran Neuner, founder of Crypto Banter.

Mullin also suggested that a decentralized vote could be held to determine whether or not to proceed with the burn of the 300 million team tokens.

Mantra Begins Recovery Efforts

Mullin has pledged to publish a detailed post-mortem report explaining the causes of the token collapse, aiming to provide transparency for the community.

In an interview with Cointelegraph on April 14, Mullin outlined plans to use the $109 million Mantra Ecosystem Fund for potential token buybacks and burns in an effort to stabilize OM’s price, which had plunged from $6.30 to as low as $0.52.

Mantra strongly denied rumors that it holds 90% of OM’s token supply or was involved in insider trading and market manipulation.

According to Mantra, the price crash was triggered by “reckless liquidations” and had no connection to any internal actions by the team.

Crypto exchanges OKX and Binance, which saw significant OM trading activity just before the collapse, also denied any wrongdoing. They attributed the crash to changes made to OM’s tokenomics in October and to abnormal market volatility, which triggered high-volume liquidations across multiple platforms on April 13.

Love

0.0/5

Love

Latest

Pi Chart Signals Bull Run As Supply Shift And Listing Rumors Spark Fomo

News | Editor Choice | Pi Network

PI Chart Signals Bull Run as Supply Shift and Listing Rumors Spark FOMO

Pi Network’s PI token is drawing strong attention from investors as its price surges, trading volume soars, and technical indicators turn bullish—amid growing speculation about potential listings on major exchanges.

Pepe Coin Soars 35%, Binance Traders Expect A Further 22% Rally

News | Editor Choice | Memecoin

PEPE Coin Soars 35%, Binance Traders Expect a Further 22% Rally

The meme coin PEPE has jumped by 35%, eyeing the $0.000013344 mark. Backed by strong technical signals and rising open interest, could this explosive momentum continue?

Unichain Surpasses Ethereum On Uniswap V4 In Trading Volume

Editor Choice | News

Unichain Surpasses Ethereum on Uniswap V4 in Trading Volume

The layer-2 solution released by Uniswap, Unichain, has officially surpassed Ethereum in terms of trading volume for Uniswap V4.

Why Is Xrp Still Not Rallying Despite Ripple’s $50m Settlement With The Sec

News | Altcoin | Editor Choice

Why Is XRP Still Not Rallying Despite Ripple’s $50M Settlement with the SEC?

Ripple has just reached a $50 million settlement with the SEC, yet XRP's price has not seen the strong breakout investors hoped for—so what’s holding the cryptocurrency back?

Meta Restarts Stablecoin Payment Integration

News | Bitcoin Layer2 | Policy & Regulations

Meta Restarts Stablecoin Payment Integration

Meta (the parent company of Facebook) is restarting the process of integrating stablecoins into its platform after missing the deadline six years ago.