Mantra CEO Plans to Burn All His OM Tokens Amid Criticism
JP Mullin, the CEO of Mantra, has announced plans to burn his entire 772,000 OM token allocation. This decision comes in response to the project’s recent collapse and allegations of insider activity.
The OM token value plummeted over 90% from its recent high, erasing $5 billion in value. Mullin made this declaration on X on April 15, addressing community concerns. A member suggested delaying upcoming token unlocks as a commitment to the project’s future. Mullin clarified that team tokens won’t vest until 2027, 30 months after Mantra Chain’s october 2024 mainnet launch.
Mullin intends to burn his entire team allocation, leaving it to the community to decide if he deserves it back. This move sparked debate. Ran Neuner, founder of Crypto Banter, believes this could be a mistake, as strong incentives are crucial for team motivation.Mullin clarified he was only referring to his personal allocation, aiming to rebuild trust after the crash.
Mullin previously shared a screenshot showing his 772,081 OM staked on Fluxtra. The team’s total 300 million OM allocation is locked until April 2027. Restoring OM’s value is the project’s top priority, with strategies like buybacks and token burns considered.
The situation escalated after Coffeezilla, an online scam investigator, posted a summary of his interview with Mullin. Coffeezilla claimed the Mantra team sold $25–$45 million worth of tokens in over-the-counter deals at a 30–50% discount and later used $5–$10 million to buy back OM. Mullin denied these allegations, calling it price manipulation.
The crash was worsened by low liquidity and forced liquidations. Market depth on OM dropped from $290 million to just $473,000. OM token remains under heavy pressure, trading at $0.7479, down 88% in the past 7 days.
