Mantra-CEO wants to burn all of his team tokens after 92% of the total crash of 92%
- Mantra-CEO Mullin undertook to burn all $ 236 million team tokens in order to restore the trust of the community after the OM Kurstuß.
- The OM course crashed 92% and the market capitalization lost $ 5.5 billion. The mantra team sees the cause in liquidations, not in manipulations.
Mantra-CEO John Mulllin has undertaken to burn all OM token kept by the team in order to restore the trust of investors after a massive drop in prices. The Defi token suffered a strong burglary on April 13, which resulted in comparisons with the collapse of Terra Luna.
The step is an attempt to remedy the damage and to restore the trust of a shaken community. With a market value of over 5.5 billion dollars, the future of the project now depends on transparency, responsibility and course recovery.
Team tokens worth $ 236 million should be burned
In a post on X From April 16, Mullin said that he would burn all team tokens that were reserved for gradual approval from 2027 to 2029. The 300 million token-16.88% of the total amount of OM token-were worth almost $ 1.89 billion before the crash. Now there are still around 236 million. Mullin:
“I will burn all of my team tokens, and when we tear the rudder around, the community and investors can decide whether I have earned them back.”
He later added that the final decision on the combustion was made by the community.
Some community members support the step because they see it as justified. Others are concerned how this would affect the long -term motivation of the team.
The founder of Crypto Banter, Ran Neuner, said that it looks good, but could reduce the incentive for the team. Mulllin replied that he feels committed to the community and will publish a complete post-mortem report to explain what happened.
Market reactions
OM’s course fell from April 13 from $ 6.30 to $ 0.52, which led to massive liquidations and speculation about insider trading. As CNF reported, Mantra rejected all the allegations of market manipulation or insider trade and stated that the crash was due to “ruthless liquidations”. The project also denied the rumors that it controls 90 % of the OM token offer.
The big stock exchanges Binance and Okx, which had a considerable OM trade volume before the crash, also contested any participation in the crash. Both stock exchanges referred to the tokenomics of OM and the price volatility as the reason for the massive liquidations.
In order to stabilize the OM Prize, Mantra will use its $ 109 million ecosystem funds for potential token returns and burns. Mullin said the project went through several market cycles and was geared towards long -term sustainability.
He admitted the losses for the investors and thanked the long -standing supporters, especially Shorooq Partners and Laser Digital, for their ongoing support. While the team prepares the follow -up examination and the next steps, Mullin said that transparency and open communication with the community was the key.
No Comments