Oh, the drama of crypto! Mantra’s CEO, John Mullin, the self-appointed savior, has decided to set fire to his own tokens in a desperate, yet oddly heroic attempt to restore the fractured trust of the community. Apparently, after the spectacular collapse of the Mantra (OM) token on April 13, Mullin thought, “What better way to win hearts than a good old token burn?”
“I’m planning to burn all of my team tokens,” Mullin posted to X on April 16, presumably with a fire extinguisher nearby, just in case things get out of hand. “When we turn it around, the community and investors can decide if I’ve earned it back.” Well, we’ll see if the flames of his actions burn as brightly as the fall of OM’s value.
For context, Mantra had carefully set aside 300 million OM tokens, 16.88% of the total supply (about 1.78 billion, because why not? The more, the merrier, right?), for the team and core contributors. These tokens were locked away, due to be released gradually between 2027 and 2029, according to an April 8 blog post. How considerate!
At one point, these tokens were worth a staggering $236 million, based on the current price of OM at 78 cents. But before the fateful plunge on April 13, they were worth a grand total of $1.89 billion, with OM trading at a hefty $6.30. What happened next? A catastrophic drop to 52 cents, wiping out over $5.5 billion in value, as revealed by CoinGecko. Such are the thrills of crypto!
Surprisingly, many in the community cheered Mullin on in his quest for redemption. However, there were some skeptics, as always. “Burning your tokens? Nice gesture, but isn’t it a little like cutting off your nose to spite your face?” said Crypto Banter founder Ran Neuner. “We want our teams incentivized, not to give up on their own future!” Hmm, hard to argue with that logic, eh?
Mullin, ever the visionary, floated the idea of a decentralized vote to decide if the 300 million team tokens should indeed be burned. The democratic process in action, folks! Who knew crypto could be so… thoughtful?
Mantra’s Epic Recovery Already Underway (Allegedly)
But wait, there’s more! Mullin promised a full post-mortem statement explaining exactly what went wrong. Transparency is key, they say, especially when you’re trying to win back those shattered trust points. Speaking to CryptoMoon on April 14, Mullin outlined grand plans to leverage the $109 million Mantra Ecosystem Fund for token buybacks and burns. It’s like crypto rehab, folks. Will it work? Only time will tell!
As for the rumors that Mantra controls 90% of OM’s token supply and engaged in insider trading or market manipulation? Mullin strongly denied them. Of course! He claims that the disastrous OM price crash was all due to “reckless liquidations,” and not, as some would suggest, anything the team did. Could it be true? Well, that’s one for the crypto detectives to figure out.
Meanwhile, major crypto exchanges like OKX and Binance saw a flurry of OM activity just before the price crash. But both exchanges denied any wrongdoings, attributing the price drop to changes made to OM’s tokenomics back in October 2024. What followed was an explosive combination of high-volume cross-exchange liquidations, triggering chaos on April 13. Classic crypto drama!
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2025-04-16 04:00