JP Mullin

Since the weekend incident, the team has worked together across departments and time zones to provide this fact-based assessment of the events.

Here are the key facts and our further actions:

- There were no $OM sales by the MANTRA team during this period of market distress.

- Data shows a number of significant OM traders were liquidated by centralized exchanges.

- We’re releasing details of an OM Token support plan that will feature both an OM Token buyback and supply burn program.

- I’ve already committed to burning my team allocation (not my team’s). Comprehensive burn program details are forthcoming.

- We’re building a dashboard with live balances of tokenomics buckets for additional market transparency.

We are confident that further information from our centralized exchange partners will provide more clarity on these events. We invite our exchange partners to collaborate on providing more clarity on trading activities during this time.

🫡🕉️

https://www.mantrachain.io/resources/announcements/statement-of-events-13-april-2025

1) Sherpas, OMies, and broader crypto community,

First off, the team and I greatly appreciate the support that we have received over the past several hours, which we believe is a testament to the strong support MANTRA has among its investors and community.

We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice.

That this happened during low-liquidity hours on a Sunday evening UTC (early morning Asia time) points to a degree of negligence at best, or possibly intentional market positioning taken by centralized exchanges.

Centralized exchange partners play an important role in providing liquidity to projects like ours. We work closely with them, however they continue to exercise enormously high levels of discretion. When discretionary powers are exercised without due internal and external oversight, dislocations like what recently happened can and will occur, hurting both projects and investors alike.

To be clear, this dislocation was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors selling tokens. Tokens remain locked and subject to the published vesting periods. OM’s tokenomics remain intact, as shared last week in our latest token report. Our token wallet addresses are online and visible.

To the MANTRA community,

First and foremost, I want to acknowledge the impact of what happened two weeks ago. I understand many of you lost money. Some of you lost a lot of money. Your trust is everything to us, and we're working to rebuild it with a focus on doubling down on transparency, team commitment to the project, and MANTRA Chain's continued decentralization.

Every day, we continue to investigate exactly what happened and develop plans to prevent similar events in the future.

Next week in Dubai at TOKEN2049, I will be speaking onstage. At that time, we will also publicly provide an update with substantive next steps, including:

- An announcement of new MANTRA ecosystem developments and enhanced governance protocols

- Updates and status regarding the execution of the burn of my OM holdings

- A call to action for the crypto industry to work together to protect investors from these kinds of liquidation events

This has been humbling. And heartbreaking. We need to take a moment to regroup and make sound decisions. I promise that our team won't rest until we've made this right.

I'm listening. I hear your concerns. And I'm committed to leading us through this challenging moment with total transparency. Our team has barely slept, and I want to thank them for their enormous dedication.

More updates to follow.

JPM

🫡🕉️

The burn program details are in the final stages, and will be shared in the near future. Buyback program also well underway. We are working around the clock for the Sherpas/OMies. 🫡🕉️

Over the past few days after stating I’ll burn all my teams tokens, I had a lot of feed back from community, investors, etc.

The whole point is that this is meant to be for the community, so would be good to get a temperature check of people’s thoughts how to implement this.

I'm very thankful to have long-term-minded investors who believe in what we're building at MANTRA, even during these incredibly tough times.

It's refreshing to see investors actively reaching out, to extend their vesting periods to support the project for the long haul.

🫡🕉️

1) A quick note to say how much I appreciate all the support the MANTRA team has received in the past 36+ hours. The support and kind words have come from many sources - from partners, investors, friends, and from the wider Web3 community. Thank you.

2) MANTRA is a project that has survived and operated throughout multiple market cycles. When others stopped building, we kept going. This is no exception. As our recent suite of announcements indicate - from being the first DeFi protocol licensed by Dubai’s VARA, to integrations and initiatives that will broaden and strengthen our ecosystem, we’re committed to our community and we’re here for the long term.

In the coming hours, we will host a community connect on X, to discuss these events further. Please do NOT click on any scam links or accounts pretending to be affiliated with MANTRA. All official communications will ONLY come from my personal account or the main MANTRA X account.

Guys let's get a couple things straight:

- The TG was not deleted.
- The Team tokens all remain in custody, verifiable at this address - mantra1yejpacug78zuqkzwwuc94c0a2al4mz4yfqquam
- We are actively figuring out why these massive forced liquidations occurred and will provide more info ASAP.
- We are here and not going anywhere.

My literal nightmare is no WiFi on long haul flights 😭

See you in Seoul… 😂🇫🇷✌🏼

Built through multiple cycles. Here's what I've learned:

When you're early, they call you crazy.
When you're right, they call you lucky.
When you're winning, they try to copy you.

Real ones know the amount of work it took to get here.
Just getting started. 🫡🕉️

103M burnt ERC 🕉️

The burn continues... 🔥

Lots of motivation on the TL today... love to see it. 🫡🕉️

Lol if OMies really are unhappy with your (first of many) eco drops, by all means, sell them.

I haven't swept in a while...

I'm the pink diamond-handed OMie for a reason... 🫡🕉️💎🙌🧹

Projects focusing on quick pumps are dying, while those building real infrastructure are thriving.

The market's finally starting to understand that sustainable growth > hype cycles. Just the beginning Sherpas/OMies 🫡🕉️

Haha soo many new faces yapping to get some 🕉️ on Kaito…

A few things to remember:

- Quality > quantity
- Consistency is key
- Fudders will not be rewarded
- Bots & farmers who don’t care about the project will be punished 👊🏻
- True Sherpas/OMies ftw 🫡🕉️❤️

Every time I check our onchain metrics I see the same pattern - steady growth, real usage, actual adoption.

Not interested in temporary pumps or quick flips. We're building infrastructure for the next decade. 🫡🕉️

Sherpas & OMies = 💪🏼

🫡🕉️💎🙌🏼

Watching crypto mature from wild west to real infrastructure has been fascinating.

Most still don't understand what it takes to build lasting ecosystems. Regulation, compliance, real adoption... it's not a speedrun. It's a marathon. 🫡 🕉️