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 the project.
“To the community of OM traders, you have long believed in MANTRA. However, yesterday, as a result of massive forced liquidations of large OM holders’ positions on a particular crypto exchange, many suffered losses. Regardless of your scale of loss, you are very much on my mind and the team’s thoughts.”
According to Mullin, the investigation shows that the team did not sell OM tokens during the market distress. He says that data also reveals that a number of significant traders were liquidated by centralized exchanges.
“We are confident that further information from our centralized exchange partners will provide more clarity on these events. We invite our exchange partners to collaborate on providing more clarity on trading activities during this time.”
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