Mantra CEO Proposes Token Burn to Restore Investor Trust

CEO John Patrick Mullin proposes burning team OM tokens to rebuild trust following a price crash. The OM token has rebounded by over 10%. Mullin clarified that this proposal centres on his personal holdings and detailed plans for community-driven measures. Despite challenges and allegations, Mullin asserts team integrity, with ongoing efforts to restore confidence in Mantra.

In light of the recent collapse of the Mantra (OM) cryptocurrency, CEO John Patrick Mullin has announced a proposal to burn the team’s OM tokens aimed at regaining investor confidence. The OM token has demonstrated a surge of over 10% in value within the past day, indicating signs of recovery amidst ongoing challenges.

Mullin disclosed his intentions on X (formerly Twitter), 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.” He noted that the 300 million OM tokens assigned to the team, representing 16.88% of the total supply of 1.78 billion, are currently locked and will begin vesting in April 2027, concluding by October 2029.

However, Ran Neuner, the founder of Crypto Banter, expressed skepticism regarding the token burn proposal. He suggested that while it appears to be a positive gesture, it might ultimately demotivate the team by eliminating their incentives. He encouraged the team to focus on enhancing the project’s value, which would lead to a gradual restoration of investor confidence.

Mullin clarified that his initial plan focuses solely on his personal allocation of 772,000 OM tokens. He also proposed the possibility of a community-driven dispersal plan for the tokens. His motto remains centered on continuing to build the project, regardless of the challenges faced.

The specifics of the token burn and potential buyback program will be shared after a detailed report on the OM crash is released. Following a significant decline, where the price of OM fell from $6.3 to below $0.5, the project now faces allegations of a possible pump-and-dump scheme, which Mullin vehemently denies. He reassured that the team did not liquidate any OM tokens and had previously issued a transparency report revealing their holdings.

Mullin also highlighted that the Mantra Chain Association has engaged in over-the-counter (OTC) transactions estimated between $25-$30 million to facilitate operational costs, noting these tokens are still locked and will have vesting schedules starting soon. Currently, the OM token has shown a recovery in the market, climbing 30% in the last 24 hours, trading at approximately $0.78.