In reaction to the recent crash of the Mantra cryptocurrency (OM), its CEO, John Patrick Mullin, has suggested destroying the company’s own OM tokens as a means to rebuild trust among investors.
Today, we see the OM token exhibiting positive signs of revival, with a significant increase of more than 10% within the last 24 hours.
Will OM Token Burn Restore Trust? CEO Mullin’s Bold Proposal
Mullin revealed his plans in a recent post on X (formerly Twitter).
The post stated that they intend to destroy all their team tokens. Once things improve, the community and investors will have the power to determine if I should regain those tokens based on my performance.
The team assignments, amounting to 300 million OM (approximately 16.88% of the overall supply of 1.78 billion), are kept secured under a release schedule lasting until April 2027. After this period, these tokens will start being released gradually. By October 2029, it is anticipated that all releases will have been fully completed.
However, Crypto Banter founder Ran Neuner has voiced concerns about the plan.
He advised against this action, stating that we should aim for teams who are deeply motivated. Destroying their motivation might seem like a kind gesture initially, but it could negatively impact team spirit in the long run.
Neuner proposed that we keep refining the project and enhancing its worth. Doing so would gradually rebuild trust among investors.
Neuner recommended we focus on optimizing the project and increasing its worth. This action would help regain investor faith over time.
Yet another option:
Neuner suggested that we should work on perfecting the project and boosting its value, which would eventually bring back investors’ trust.
However, Mullin made it clear that the initial implementation of his plan pertains solely to his individual portion of the OM tokens, amounting to 772,000 units, as he has recently revealed.
“I was only suggesting my allocation to start with,” Mullin noted.
Additionally, he suggested another option – channeling the tokens towards a community-managed distribution system.
“Regardless, we keep building,” he added.
As an analyst, I’m eagerly anticipating the disclosure of more specifics regarding our proposed OM crypto token buyback program and supply burn initiative, which Mullin hinted at recently. After we publish a thorough post-mortem report detailing the events leading up to the OM crash, we will delve deeper into these matters.
On the 13th of April, BeInCrypto broke the news first about OM’s dramatic drop in value, which saw its price fall from $6.3 to less than $0.5. This devastating decrease resulted in a loss of approximately $5.5 billion in market capitalization.
As a researcher, I’ve observed a substantial blow to the trust of investors due to recent events. To put it bluntly, Mantra is currently under scrutiny for suspected involvement in a pump-and-dump scheme. However, Mullin asserts that the team was not implicated in these allegations.
In a recent interview, the CEO of Mantra clarified that no OM tokens were sold by the team. Last week, they had released a transparency report detailing their wallets and holdings. The CEO emphasized that the team’s tokens are locked-in for long periods and have not been touched.
“We don’t have leverage position on exchanges. We don’t do that,” he said.
Significantly, Mullin admitted that the Mantra Chain Association executed OTC transactions valued between $25 and $30 million for their operational expenses. Yet, he clarified that these tokens are currently inaccessible, with vesting periods commencing from this month onwards.
Mullin noted, “We haven’t carried out any over-the-counter sales of our tokens that we’ve made so far. Therefore, they remain locked or untraded.
Currently, it seems that the OM crypto token is rebounding following its recent drop. According to BeInCrypto, this altcoin increased by approximately 30% in just the last 24 hours. As of now, OM is being traded at around $0.78.
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2025-04-16 09:35