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The Mantra Meltdown: How John Mullin’s $5B Rugpull Shocked the Crypto World

In what’s being called one of the most brazen rugpulls since the $LUNA collapse of 2022, John Patrick Mullin, the face behind Mantra Chain ($OM), is set to be jailed tomorrow after allegedly orchestrating a $5.5 billion scam. Within just one hour, Mantra’s value plummeted by 90%, blindsiding retail investors and shaking the broader crypto ecosystem. This article dives deep into the unfolding scandal, the red flags everyone missed, and what you can do right now to protect yourself.

The Puppet Master: Who Is John Mullin?

John Patrick Mullin, once praised as a Web3 visionary, marketed himself as the architect of a future $100B TVL chain. He catapulted $OM into the Top 50 cryptocurrencies, only to dump the token on retail investors and shift blame to “the community.” His actions have drawn comparisons to the most infamous frauds in crypto history.

The Airdrop That Was a Trap

What appeared to be a generous airdrop soon unraveled into a calculated delay tactic:

50 million OM airdrop announcedInitially: 20% unlockedThen changed to: 0.3% daily unlockAgain changed: 10% in March, vesting until 2027
This constant shifting left users holding illiquid tokens while insiders prepared to offload theirs.
The Bridge-to-Nowhere Scheme

To claim rewards, users were forced to bridge to the MANTRA Chain, unknowingly setting themselves up:

Insiders pumped the price before the announcementRetail rushed in thinking it was a bullish signalBut the dump was already in motion behind the scenes

Fake DAO, Real Fraud

In true rugpull fashion, a “community vote” was held to decide on vesting changes. But here’s the twist:
Voting required staking $OMThe team used fake wallets to sway resultsThe DAO was never decentralized

It was governance theater, all to maintain the illusion of community participation.
Insider Dump Sparks Collapse

The night before the crash, a team wallet sent 3.9 million OM to OKX. That triggered a cascade:
Mass sell-offsLiquidationsMarket-wide panic

Retail investors watched helplessly as their holdings were erased in real time.
OTC Deals: The Final Nail
Insiders had already sold millions OM via OTC deals at discounted rates. As the price dipped:
OTC buyers dumped their holdingsThe result? A freefall that no one could stop

This wasn’t poor planning — it was premeditated.
$5.5 Billion Gone in 60 Minutes

From $6 to $0.60 in an hour, Mantra's market cap was wiped out:
$5.5 billion in value gone
A crash worse than several Layer 1 collapsesThousands of investors left devastated

Mullin’s Tone-Deaf Response

Instead of accountability, Mullin posted:

“My decision, my responsibility.”

And then doubled down with:

“I’m focused on building a $100B TVL chain.”

The audacity was not just shocking — it was insulting.

Centralized from Day One

Despite all the “Web3” talk, Mullin and his team:

Changed tokenomics three timesControlled bridges and liquidityFaked governance votesManipulated markets like a cartel
The decentralization narrative? Total deception.
Contagion Risk: It’s Not Over

The fallout may extend beyond $OM:
Mantra is tied to HTX and PoloniexExpect potential delistings, liquidity shocks, and wider panicThis rugpull isn't an isolated event

The crypto space must prepare for contagion effects.

on 16 march 2025 i also warned about this :

https://x.com/CryptoPM_/status/1901127232028119367

Final Warning: This Was Theft, Not Failure
Let’s be clear — this wasn’t a project gone wrong. It was a planned heist:

A Top 50 token turned scam$5B stolen in plain sightMullin and his insiders walked away rich, while retail was left holding the bag

Don’t trust hype. Verify leadership. And be wary of centralized “DAOs” run by shadowy figures.

What You Can Do Now
To help clean up this mess, here’s what you should do:
📢 Tag @cz_binance and @binance to delist OM🚨 Report @MANTRA_Chain and @jp_mullin888 on X (formerly Twitter)❤️ Like, comment, and share this article to raise awareness

Conclusion: A Wake-Up Call for Crypto
The Mantra rugpull is more than just a scandal — it’s a lesson. In an industry built on transparency and decentralization, we must demand real accountability, not just whitepapers and hype.
If we don’t hold figures like Mullin responsible, we risk repeating the same mistakes — and losing billions more.

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Disclaimer: The information provided in this article by Crypto PM is for educational purposes only and should not be considered financial advice. Always DYOR (Do Your Own Research) before investing in any cryptocurrency market.