JP Mullin: Mantra (OM) Is “Down, But Certainly Not Out”

JP Mullin thanked the Web3 community, investors, and partners for their support in the 36 hours following the crash. 

He said Mantra had survived multiple market cycles and would keep building even after a setback like this one.

Mullin claimed that massive forced liquidations on Bybit, involving large OM token holders, triggered the sudden price collapse. Mullin addressed OM traders directly, acknowledging the pain and losses many faced.

Additionally, he praised Shorooq Partners and Laser Digital for backing Mantra and staying transparent with the public. 

Mullin said the team would release a post-mortem report within 24 hours, using both on-chain and off-chain data to show what happened.

He also announced plans for an OM token buyback and supply burn to rebuild trust and prove long-term commitment.

Mullin credited Mantra’s team for their fast response, saying the past two days showed their strength. He promised to keep sharing verified updates only through his account and Mantra’s official channels. #om