Following the sharp decline in $OM , CEO John Patrick Mullin aims to regain investor confidence with his close program and transparency steps.
#mantra co-founder and CEO John Patrick Mullin stated that the details of the managed close for the OM token will be announced shortly. He emphasized that the buyback transactions are also continuing rapidly.
#om had recently fallen by 0.37, spending more than 90 percent at a speed of 24. After approximately 5 billion liquidations, the token rose for 1; then it fell again. Mullin announced that he and his team did not make any sales during these sharp prices. According to the internal investigation report published on April 16, forced liquidations during hours with low trading volume were the systematic cause of the price declines.
The project team announced that a transparent dashboard will be established where supply, lockup and transaction data can be monitored in order to regain investor confidence.
Finally, it was stated that a portion of the 300 million OM tokens, which correspond to 17 percent of the total supply and will be kept for those who contribute to the project, will be offered to the community and burned. The value of these tokens, which was at $1 billion 800 million before their existence, is now equivalent to approximately 200 million.
The CEO showed that he undertook the continuation of this process with the words, “I also undertake to burn my personal token allocation.”
