Mantra CEO proposes to burn held OM tokens to restore investor confidence

2025-04-16 08:14:23

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ChainCatcher news, Mantra CEO John Patrick Mullin proposed to burn the OM tokens he holds to revive investor confidence after the price of the protocol's native token plummeted. Mullin stated that the tokens he holds are part of the 300 million OM tokens reserved for the team, which will be unlocked by April 2027.

On April 15, Mullin released a public statement on the X platform, committing to destroy this portion of tokens that he could potentially receive in the future, and stated that if the project recovers, the community can decide whether to allow him to regain these tokens. According to data from Tokenomist, he currently holds approximately 772,000 OM tokens, which is less than 1% of the over 80 million OM tokens in circulation as of April 15. Mullin has allocated his tokens to the liquid staking protocol Fluxtra. Although he made a commitment and disclosed his current holdings, he did not reveal the specific amount, stating that he would announce his token holdings when the burn plan is ready.

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