Mantra CEO Pledges to Burn Entire Team's Token Allocation, OM Price Increases 30%

After a major 90% crash, Mantra (OM) is making a partial recovery with CEO John Patrick Mullin promising to burn his team's token allocation worth hundreds of millions of dollars to regain community trust. The crash led to panic and forced liquidations across crypto exchanges with speculation of insider dumping and manipulation by the Mantra team.

Mullin responded by denying these allegations and clarified that the team’s 300 million OM tokens will stay locked until at least April 2027. He also announced plans to permanently burn his allocation of 772,000 OM tokens, equivalent to 0.25% of the team’s share. Following Mullin's announcement, OM experienced a 31% increase in the last 24 hours, indicating a tentative market confidence.