Overview of the Collapse

Mantra (OM) has faced a severe downturn, with the OM token experiencing a decline of over 90%, leading to approximately $5 billion in liquidations. Following a brief recovery, the token value dropped again, prompting urgent action from the project’s leadership.

Internal Investigation Findings

An internal report released on April 16 identified forced liquidations during periods of low trading volume as the primary driver of the token's steep decline. These systemic issues highlighted vulnerabilities in OM’s trading environment and liquidity management.

CEO’s Response and Managed Close Program

Co-founder and CEO John Patrick Mullin has outlined a recovery initiative to stabilize the token and rebuild investor trust. Central to this plan is a forthcoming managed close program, details of which will be shared shortly. Mullin confirmed that buyback operations are already underway at an accelerated pace to support the token’s market value.

Commitment to Transparency

In an effort to foster accountability, the Mantra team will launch a transparent dashboard. This platform will allow real-time tracking of token supply, lockups, and transaction data, giving investors clear insights into the project's internal operations.

Token Burn and Community Allocation

Of the 300 million OM tokens—equivalent to 17% of the total supply—originally allocated for project contributors, a portion will now be offered to the community, while another portion will be permanently burned. These tokens, once valued at $1.8 billion, are now worth approximately $200 million due to the recent price collapse.

Personal Commitment from the CEO

In a show of leadership and accountability, Mullin declared:

“I also undertake to burn my personal token allocation.”

This act underscores his dedication to the long-term success of the project and alignment with the community’s interests.

Looking Ahead

The outlined measures aim to mitigate recent losses, restore confidence among stakeholders, and pave the way for a more resilient token ecosystem. The Mantra team remains focused on delivering transparency, stability, and renewed investor engagement.

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