Mantra CEO seeks to restore confidence in token
Mantra CEO offers to burn personal OM tokens to regain trust.
John Patrick Mullin, CEO of the real-world asset platform Mantra, has proposed burning his personal allocation of OM tokens in an effort to restore investor confidence following a dramatic crash in the token’s value.
The OM token, which plunged from over $6.30 to below $0.50 on April 13, has shown some recovery, rising by 30% in the past 24 hours to trade at $0.78, reports BeInCrypto.
Mullin made the announcement via a post on X, stating: “I’m planning to burn all of my team tokens, and when we turn it around, the community and investors can decide if I have earned it back.” His personal holdings total 772,000 OM. He added that the broader team allocation of 300 million OM—about 16.88% of the total 1.78 billion supply—remains locked until April 2027 under a vesting schedule.
Not everyone in the crypto community agrees with Mullin’s strategy. Crypto Banter founder Ran Neuner warned that removing long-term incentives for project teams could hurt morale and development. “Burning the incentive may seem like a good gesture but it will hurt the team motivation long term,” he said.
Token buyback, burn plan to follow post-mortem report
The Mantra team has also indicated that a formal token buyback and burn initiative will be detailed in an upcoming post-mortem report. This report aims to clarify the causes behind the OM token’s collapse and address mounting investor concerns.
In response to accusations of a pump-and-dump scheme, Mullin reiterated that no team tokens were sold during the crash. He pointed to a prior transparency report detailing wallet activity and reaffirmed that OTC sales to fund operations—ranging between $25 million and $30 million—remain unexecuted and locked.
As Mantra’s OM token begins to recover, the community awaits clearer explanations and structural reforms. Mullin’s proposal to burn his allocation could serve as a symbolic step toward rebuilding trust, but whether it’s enough to stabilize the project remains uncertain.
Recently we wrote, that OM, the token powering the Mantra blockchain, surged 60% on Tuesday, rebounding after a dramatic collapse that wiped out over 90% of its value in just one day.
