Mantra CEO’s Token Burn Plan: A Bold Move to Regain Trust After OM’s Crash 👀
Mantra’s CEO, John Mullin, announced he’s ready to burn the team’s 300 million $OM tokens—worth about $236 million now, but once valued at $1.89 billion—to rebuild trust with the community after the token’s price crashed from $6.30 to $0.52 on April 13, 2025, wiping out over $5.5 billion in value. These tokens, which are 16.88% of OM’s total supply, were locked up and meant to vest starting in 2027. Mullin wants the community and investors to decide if he deserves them back later, possibly through a decentralized vote. He’s also using the $109 million Mantra Ecosystem Fund for token buybacks and burns to stabilize the price. While some in the community support this, others, like Crypto Banter’s Ran Neuner, worry it might demotivate the team long-term. Mullin denied rumors of insider trading, blaming the crash on “reckless liquidations” and market volatility, not team actions. Exchanges like OKX and Binance, where heavy OM trading happened before the crash, also denied any foul play, pointing to changes in OM’s tokenomics and market dynamics.
I think Mullin’s move to burn the team’s tokens is a gutsy play—it shows he’s willing to take a big financial hit to prove he’s serious about fixing things, which could win back some trust from the community. Transparency with a post-mortem report is a good step too. But I get why some folks, like Ran Neuner, are skeptical. If the team loses their financial incentive, they might not stick around to rebuild Mantra, especially after such a brutal crash. Also, the crash itself sounds like a messy mix of market chaos and maybe some questionable tokenomics changes—blaming it all on “reckless liquidations” feels a bit too convenient.
What do you think?
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