Mantra CEO plans to burn team's tokens in bid to win community trust

Quick Summary:

Mantra recovery process already underwayMullin promised a post-mortem statement explaining what went wrong to be transparent with the community. Speaking to Cointelegraph on April 14, Mullin outlined plans to leverage the $109 million Mantra Ecosystem Fund for potential token buybacks and burns to stabilize OM’s price, which had fallen from $6.30 to as low as $0.52.Related: Red flag?

Mantra CEO John Mullin said he is planning to burn all of his team's tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16.

Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors that are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.

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Article Details

Author / Journalist: Cointelegraph by Brayden Lindrea

Category: Crypto

Markets: United States

Topics: April Om’s Tokens Burn Collapse Mantra Token Million Community Mullin Team

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-16 @ 01:49:07 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 453 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © Coin Telegraph

News ID: 27935680

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