Mantra CEO Proposes Burning Tokens to Regain Trust From Community as OM Finds New Footing AllinCrypto April 16, 2025
Mantra (OM) CEO John Mullin has offered to burn his remaining team tokens in a bid to win back the support of the Mantra community after the OM token fell by over 80%.
Over the weekend, Mantra’s OM token crashed, which many analysts believe was due to an onslaught of liquidations, forced upon by centralized exchanges during a low liquidity trading day.
Youtuber Coffeezilla, known for investigative deep dives, has commented on the crash and spoke to Mullin, saying “$30 – $45m” was sold OTC by the team in the past in 2024, baiting a response from the CEO.
Mantra (OM), Crypto Twitter reacts
Mantra’s OM token crashed over -80% during the weekend while most of the team was away or asleep. During the crash, the Mantra community complained of poor communication and demanded answers.
Since the crash, Mantra CEO John Mullin has updated the community on what the next steps will be while also providing positivity that Mantra, as a project, is still on track with its real-world asset tokenization goals.
Since the crash, Mullin has proposed burning his team tokens showing his willingness to make sacrifices for the Mantra community.
Despite this, multiple cryptocurrency investigators, including ZachXBT, known for tracking down North Korean hackers, and Coffeezilla, a YouTuber popularized for his in-depth investigations on companies, have both spoken on Mantra.
According to Coffeezilla, in a recent interview with John Mullin, the YouTuber told Mullin that he believes the Mantra team “pumped” the price of OM artificially, saying $10M OM was reinjected during mid-2024.
Coffeezilla also commented that “$30 – $45m” of OM was sold OTC by the team itself within 2024. In John Mullin’s defense, reinjecting OM tokens wouldn’t necessarily “pump” the price of the token, and that injections can be done to protect against downside.
On April 15, Mullin took to X/Twitter and announced that he was willing to burn his share of team tokens to show his unwavering support for the Mantra community and proof of his commitment to bringing the project back on track in regard to its token.
OM and tokenization: The way forward
Mantra is a leading tokenization project in Web3, helping bring real-world assets on-chain. The project formed a partnership with the UAE’s DAMAC Group worth $1 billion to help tokenize various industries.
The network also launched a Real-World Asset Accelerator with Google Cloud, a start-up accelerator for projects rooted in AI support, tokenization, and various financial products.
Once Mantra makes it through the woods of recent events, there is no doubt that the OM token will be able to regain its footing as institutions and investors make use of the Mantra ecosystem.
The post Mantra CEO Proposes Burning Tokens to Regain Trust From Community as OM Finds New Footing first appeared on AllinCrypto.
