MANTRA DAO OM

Mantra CEO's token burn aims to restore confidence following OM's price drop, with additional burns planned for ecosystem support.

Mantra founder and CEO John Mullin has begun an $80 million burn of OM tokens to regain users' trust following the token's sudden crash earlier in April. However, the question of the underlying reasons for the OM crash remains unanswered, blockchain investigators told Cointelegraph.Unpacking Mantra's OM crash requires a detailed forensic study rather than just basic blockchain analysis, Natalie Newson, senior blockchain investigator at the blockchain security firm CertiK, said.

Mullin announced he will burn 150 million OM tokens—his entire allocation—worth approximately $82 million. The move aims to show his long-term commitment to building the real-world asset (RWA) Layer 1 blockchain.

John Patrick Mullin, the head of the decentralized finance (DeFi) platform Mantra, has started the process of removing 150 million OM OM tokens from circulation.

A whale's recent deposit of over 1.7 million OM to Binance has sparked sell-off fears just as Mantra CEO John Mullin initiates a 150 million token burn.

Mantra CEO burns 150 million OM tokens to restore trust and value after 90% price crash, with plans for additional burns totaling 300 million tokens.