Mantra CEO Says New Details on OM Token Buyback and Supply Burn Program Coming Soon
The CEO and co-founder of the real-world asset (RWA) crypto project Mantra (OM) unveils a plan to bring back community trust following a massive sell-off of the blockchain’s token. On Sunday, the value of the OM token plunged from a high of $6.35 to a low of $0.37, representing a huge drop of 94%. The price meltdown happened after at least 17 wallets transferred 43.6 million OM tokens ($227 million at the time) to crypto exchanges. In posts on the social media platform X, Mantra CEO John Patrick Mullin announces a token support plan that Features a buyback and supply burn program after the incident caused large losses to OM holders. “I’ve already committed to burning my team allocation (not my team’s). Comprehensive burn program details are forthcoming. We’re building a dashboard with live balances of tokenomics buckets for additional market transparency.” Mullin says that Mantra is taking action to reinstall market trust and show a long-term commitment to th...