🚨🚨 Mantra (OM) CEO's New Strategy After $5 Billion Crash ❗
In the wake of the significant decline in $OM, CEO John Patrick Mullin is taking steps to restore investor trust through a close program and increased transparency.
Mullin shared that the details of the managed close for the OM token will be revealed soon, and buyback transactions are continuing at a rapid pace.
The OM token recently fell by 0.37, losing over 90% in value in just 24 hours. After around $5 billion in liquidations, the token briefly rose, only to drop again. Mullin confirmed that neither he nor his team made any sales during the price fluctuations. An internal investigation, released on April 16, revealed that forced liquidations during low trading volumes were the primary cause of the price drops.
To regain investor confidence, the team is setting up a transparent dashboard to track supply, lockup, and transaction data.
Additionally, a portion of the 300 million OM tokens (17% of the total supply) will be burned and offered to the community. These tokens, valued at $1.8 billion before the crash, are now worth approximately $200 million.
Mullin also committed to burning his own personal token allocation as part of the recovery process.
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