Mantra's CEO aims to burn tokens to regain trust amid OM's 2-digit recovery

In response to the recent collapse of the Mantra (OM) cryptocurrency, CEO John Patrick Mullin proposed burning the team's OM tokens to restore investor confidence. This comes as the OM token continues to show signs of recovery, soaring at double-digit levels over the past day. Will OM Token Burn restore trust? CEO Mullin's bold proposal Mullin revealed his plans in a recent post on X (trước this is Twitter). The post read: "I am planning to burn all of my team's tokens and when we turn things around, the community and investors will decide if I will earn them back." He explained that all group allocations, totaling 300 million OM (16.88% of the total 1.78 billion cung), remain locked under the transfer schedule until April 2027. After the freezing period, the tokens will begin to transfer gradually. Furthermore, the full transfer process is expected to be completed by October 2029. However, Crypto Banter founder Ran Neuner voiced concerns about the plan "This would be a mistake. We want teams to be highly incentived. Burning off momentum may seem like a good gesture but in the long run will damage team dynamics," he warned. Neuner suggested that the team should continue to work to improve the project and its value. This, in turn, will naturally restore investor confidence over time. However, Mullin clarified that his plan initially only applied to his private token. Recently, the CEO revealed that he holds 772,000 OM tokens Mullin noted, "I'm just suggesting my allocation to begin with." He also proposed an alternative. This solution could include allocating tokens to a community-controlled decentralized mechanism. "No matter what, we're going to keep building," he added. While plans are still being finalized, Mullin revealed that the team will share more details about the proposed OM crypto token buyback program and the supply burn initiative after the release of its comprehensive post-event report. The report will address what happened after the collapse of OM. On April 13, BeInCrypto was the first to report that the OM price had dropped from $6.3 to less than $0.5. This catastrophic drop wiped out more than $5.5 billion in market capitalization. The collapse has significantly eroded investor confidence. In fact, Mantra is currently facing serious allegations for orchestrating a pump-and-discharge scheme. Despite this, Mullin maintains that the group had nothing to do with this. In a recent interview, the CEO of Mantra confirmed that the team is not selling a single OM token. He explained that the group published its transparency report last week, outlining all of its wallets and holdings. He said the group's tokens have been transferred for a long time and have not been transferred. "We don't have leveraged positions on exchanges. We don't do that," he said. Importantly, Mullin also acknowledged that the Mantra Chain Association made OTC transactions totaling $25-30 million to fund business operations. However, he detailed that these tokens remain locked, with the transfer period starting later this month. "None of the OTC trades that we had were actually done. So all tokens remain locked," Mullin remarked.

Meanwhile, crypto token OM appears to be recovering from the crash. Data shows that the altcoin has gained 30% in the past 24 hours. At press time, OM is trading at $0.78.