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The new plan of the CEO after the 5 billion dollar collapse of Mantra (OM)
John Patrick Mullin, the co-founder and CEO of Mantra, stated that details regarding the burn program prepared for the OM token will be announced shortly. He emphasized that the buyback operations are also progressing rapidly.
OM recently dropped to $0.37, losing more than 90% of its value in 24 hours. After approximately $5 billion in liquidations, the token rose to $1; then it fell below that value again. Mullin stated that he and his team did not make any sales during this sharp collapse. According to the internal investigation report published on April 16, mandatory liquidations during hours of low trading volume were the primary reason for the price drop.
The project team announced that a transparent dashboard will be established to enable real-time tracking of supply, lock-up, and transaction data in order to regain investor confidence.
Finally, it was stated that a portion of the 300 million OM tokens, which corresponds to 17% of the total supply and is allocated for contributors to the project, will be burned by being presented to the community vote. The value of these tokens was around 1 billion 800 million dollars before the collapse, while today it corresponds to approximately 200 million dollars.
The CEO stated, "I also commit to burning my personal token allocation," demonstrating that he is leading this process.
Published: April 19, 2025 13:49Last Updated: April 19, 2025 13:50