CEO’s Token Burn: A Fiery Attempt to Win Back Trust After a $5.5B Fiasco! 🔥

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Oh, darling, gather ’round! It seems our dear Mantra CEO, John Mullin, has decided to play the role of the phoenix rising from the ashes. After the Mantra (OM) token took a nosedive reminiscent of the infamous Terra Luna debacle on April 13, he’s announced a rather theatrical plan to burn all the team-held tokens. How delightfully dramatic! 🎭

“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 tweeted on April 16, as if he were auditioning for a role in a Shakespearean tragedy.

Now, let’s not forget that our gallant team had reserved a staggering 300 million OM tokens—about 16.88% of the total supply—locked away like a secret in a Victorian novel. These tokens were meant to be released in stages, like a slow reveal of a scandalous plot twist, between April 2027 and October 2029, according to a blog post from April 8. 📅

At present, the team’s tokens are worth a mere $236 million, with OM trading at a paltry $0.78. Just a smidge before the crash, they were basking in the glory of $1.89 billion. What a fall from grace! OM’s price plummeted from a dizzying $6.30 to a dismal $0.52, erasing over $5.5 billion in value. Talk about a dramatic turn of events! 💔

Criticisms Over Token Burn Plan

While some community members are rallying behind Mullin’s fiery plan, others are raising an eyebrow, concerned that this grand gesture might extinguish the team’s motivation in the long run. Crypto Banter’s founder, Ran Neuner, chimed in, suggesting that while the ‘incentive’ might seem like a charming idea, it could very well dampen the team’s spirit to build the project. But fear not! Mullin has proposed a community vote, because nothing says ‘trust’ like a democratic decision on burning tokens! 🗳️

This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.

My suggestion;

Just keep building.

— Ran Neuner (@cryptomanran) April 15, 2025

A Post-Mortem Report To Be Released

Mullin has promised a post-mortem report detailing the calamity, ensuring transparency with the community. He also plans to dip into Mantra’s $109 million Ecosystem Fund for potential token buybacks and burns, all in a bid to stabilize OM’s price after its dramatic fall. How very generous! 💸

MANTRA has consistently denied any whispers of controlling 90% of the OM tokens or engaging in insider trading or market manipulation. Instead, they attribute the crash to ‘reckless liquidations.’ Meanwhile, crypto exchanges Binance and OKX, which saw a flurry of OM activity before the crash, have denied any wrongdoing, pointing to past tokenomics and extreme volatility as the culprits. Quite the tangled web we weave! 🕸️

Mullin graciously thanked the community for their unwavering support post-crash, sharing that Mantra has weathered many market cycles and will continue to build, even through this tempest. He also acknowledged the losses faced by traders and praised long-term investors like Shorooq Partners and Laser Digital for their steadfast support and openness. A round of applause for loyalty, please! 👏

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2025-04-16 14:55