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Mantra CEO Vows to Burn $236M in Team Tokens After OM Crash to Rebuild Trust

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  • Mantra CEO John Mullin pledges to burn $236M in team tokens to restore trust after OM token crashed from $6.30 to $0.52, wiping out $5.5B in market value.
  • Token burn could be one of crypto’s largest-ever gestures, with Mullin leaving the door open for a future community vote to reclaim the tokens.
  • Mantra denies insider trading allegations, attributing the crash to “reckless liquidations” and pledging to use a $109M Ecosystem Fund for buybacks and recovery efforts.

Mantra is making a bold play to win back community trust. In a dramatic move, CEO John Mullin has announced the burn of $236 million worth of OM tokens originally allocated to the project’s core team. The announcement comes in the wake of a severe OM token price crash on April 13, which erased over $5.5 billion in market value and sent shockwaves across the crypto community.

“I’m planning to burn all of my team tokens, and when we turn it around, the community and investors can decide if I’ve earned it back,” Mullin posted on X (formerly Twitter) on April 16.

The OM token native to Mantra’s real-world asset tokenization platform dropped from around $6.30 to $0.52 in a matter of hours on April 13, triggering widespread panic. Although prices have slightly recovered to $0.78, investor sentiment remains shaken.

According to a previous Mantra blog post dated April 8, the team had 300 million OM tokens locked away around 16.88% of the token’s 1.78 billion total supply. These tokens were intended as long-term incentives, with gradual vesting planned between April 2027 and October 2029.

Before the crash, these tokens were worth nearly $1.89 billion, making the proposed token burn one of the largest-ever symbolic acts in crypto aimed at rebuilding community trust.

Mantra Token Burn Sparks Mixed Reactions

While many applauded Mullin’s gesture as a powerful show of commitment, others within the crypto space raised concerns about the long-term impact of eliminating team incentives.

“This would be a mistake,” argued Crypto Banter founder Ran Neuner. “We want teams that are highly incentivized. Burning the incentive may seem like a good gesture, but it will hurt the team’s motivation long-term.”

Mullin has acknowledged these concerns and suggested that a decentralized community vote may ultimately determine whether the 300 million OM tokens are permanently destroyed.

Mantra Denies Insider Trading After OM Crash

Following the crash, rumors circulated on social media accusing the Mantra team of insider trading and market manipulation. Mullin and his firm have strongly denied the allegations, emphasizing that the team does not control 90% of the token supply.

Instead, Mantra attributed the OM price collapse to a series of “reckless liquidations” and extreme market volatility. These events were allegedly unrelated to any actions taken by the team.

Major crypto exchanges Binance and OKX, which witnessed a surge in OM activity before the crash, also distanced themselves from the controversy. Both platforms cited tokenomics changes made in October 2024 and cross-exchange liquidations as the likely cause of the price implosion.

Mullin announced that Mantra would activate its $109 million Ecosystem Fund to stabilize OM’s price through strategic buybacks and additional token burns if needed.

Mullin has pledged a full postmortem to ensure transparency and rebuild Mantra as a community-first project. As the team navigates recovery, his decision to forgo major incentives could set a new standard for DeFi accountability. All eyes in the crypto world are watching.

Related | Tron (TRX) breaks out as momentum builds in uncertain market 

Mantra’s OM Token Plummets 92%, Sparks Panic Across Crypto Market

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  • Mantra token crashed by 92% on Sunday, dropping from $6.33, losing over $5 billion.
  • SpotOnChain data shows that large holders transferred 14.27M OM to OKX days before the crash.
  • Mantra team responded, claiming the crash was due to “reckless liquidations” and assured that internal token control remains intact.

The OM token, native to the Mantra blockchain, experienced a sharp fall over the weekend, crashing 92% in value. The price dropped from $6.33 on Sunday, wiping out more than $5 billion from its market capitalization. By Monday, the token hovered at $0.71, with trading activity surging 3186% over the past 24 hours.

OM 1D graph coinmarketcap
Source: CoinMarketCap

The steep decline triggered significant liquidations across the market. Data from Coinglass revealed that $74.51 million was liquidated within 24 hours. Of that, $53.86 million came from long positions, while $ 20.26 million was cleared from shorts. The event quickly drew comparisons to previous high-profile collapses, such as Terra LUNA and FTX in 2022.

Mantra’s token crash has raised red flags across the crypto market. There are claims that the Mantra team controls 90% of the OM token supply, sparking speculation about possible coordinated market activity. 

Mantra Whale Sell-Offs Shake Market Confidence

Meanwhile, SpotOnChain, a crypto transaction monitoring platform, reported that a group of large OM holders transferred 14.27 million OM—worth around $91 million—to the OKX exchange just three days prior to the price drop. These same wallets had acquired 84.15 million OM on Binance in March for an estimated $564.7 million, at an average price of $6.711.

Spotonchain
Source: Spot On Chain

After the crash, the remaining 69.08 million OM tokens held by these addresses saw their total value fall to $62.2 million. The report suggested these parties may have protected their holdings through hedging strategies elsewhere and may have contributed to the price collapse.

In addition, Lookonchain, another wallet analytics firm, disclosed that 17 different wallets moved 43.6 million OM—valued at roughly $227 million at the time—onto exchanges. This figure represented 4.5% of the token’s total supply. Arkham Intelligence tagged two of these wallets as connected to Laser Digital, a strategic investor in Mantra.

Leadership Responds Amid Allegations of Insider Control

In response to the public concern, the Mantra team stated that the project’s fundamentals remain strong. They explained that the token crash was due to “reckless liquidations” and not due to any internal action by the team.

Co-founder JP Mullin noted that the project’s communication channels remain open and that team-held tokens are still under the team’s control. “We are here and not going anywhere,” Mullin wrote, also providing a verification address to ensure transparency about the team’s token holdings.

However, the exact cause behind OM’s sharp decline remains unclear. The crash left many traders and investors facing deeper losses. The Mantra team has pledged to investigate the matter thoroughly and intends to share further details once available.

As of now, the token’s chart displays signs of excessive selling pressure. According to the Relative Strength Index (RSI), OM is deeply oversold. The MACD, another trend indicator, shows the token firmly in a downward trajectory with a reading of -0.3026, confirming that the bearish trend remains dominant.

OMUSDT 2025 04 14 12 10 10
Source: Trading View

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MANTRA CEO Blames CEX Liquidations for OM Token Crash

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  • MANTRA CEO blames CEXs for OM’s 90% crash, citing “reckless forced closures” during low-liquidity hours not internal selling.
  • John Patrick Mullin denies allegations of team or investor involvement, pointing to centralized exchanges’ unchecked authority.
  • OM token rebounds above $1 after crashing from $6.30 to $0.37; all team/investor tokens remain locked.

John Patrick Mullin, co-founder and CEO of MANTRA, stepped forward to explain the jaw-dropping 90% plunge in the OM token, a crash that saw OM fall from $6.30 to just $0.37 within hours on April 13. In an official statement, the team said the sell-off was not triggered internally and pledged to share more details soon.

While some in the crypto community were quick to point fingers at the MANTRA team, accusing them of dumping their holdings, Mullin categorically denied the allegations. Instead, he pinned the blame on “reckless forced closures” initiated by centralized exchanges (CEXs) during a period of low liquidity, suggesting that the damage wasn’t due to any internal foul play.

“The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” Mullin wrote in a public statement. “This was not caused by the team, the MANTRA Chain Association, its core advisors, or MANTRA’s investors.”

Without naming any specific exchange, Mullin criticized the unchecked authority and discretion exercised by CEXs, arguing that their actions created a perfect storm during a vulnerable time Sunday evening UTC (early Monday in Asia), when trading activity is historically thinner and markets are more susceptible to volatility.

“This points to a degree of negligence at best or possibly intentional market positioning taken by centralized exchanges,” he added.

MANTRA (OM) Token Recovers Above $1 After Crash

The OM token, which had once soared to a peak of $9 earlier this year, managed a partial recovery, climbing back above $1 at the time of writing. Mullin reassured the community that all team and investor tokens remain locked by publicly available vesting schedules and emphasized that OM’s core tokenomics remain intact.

Still, the explanation hasn’t calmed the storm. Critics argue that the official response lacked key details and transparency. In a follow-up post on X, Mullin said the team is actively compiling a full breakdown of the events and would host a community discussion to provide further clarity.

This incident comes amid broader turbulence in the altcoin space. Several tokens have recently experienced similar flash crashes on Binance, highlighting the growing volatility in the market. Notably, Act I: The AI Prophecy plummeted by 50%, DeXe saw a sharp 38% drop, and dForce declined by 19%, reflecting a wave of sudden and severe corrections across multiple projects.

These dips followed Binance’s updated margin requirement policies, which reportedly heightened the risk of liquidations for undercollateralized positions, adding fuel to speculation that a domino effect may have triggered OM’s freefall as well.

As MANTRA deals with the fallout, the event has reignited debates around centralized exchange practices, liquidity management, and the vulnerabilities of trading during off-hours. The coming days will be critical in determining whether OM can restore confidence or if the weekend crash marks a turning point in its trajectory.

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MANTRA (OM) Faces Selling Pressure as Whale Offloads $37.75M—Will $7.30 Support Hold?

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  • Manifold Trading’s OM exit locks in a massive 134x return on investment.
  • MANTRA struggles at $7.30 support as selling pressure and volume decline persist.
  • RSI nears overbought, while MACD hints at slowing bullish momentum for OM.

Manifold Trading recently moved its remaining 5 million MANTRA tokens, worth approximately $37.75 million, to Binance. According to OnchainDataNerd, this marks the final phase of its investment strategy, which began nine months ago with an accumulation of 9.33 million OM tokens for just $378,000. 

Since then, the trader sold 4 million MANTRA for $13.27 million. If the remaining 5 million OM are sold at the current price of $7.37, the total profit would reach $50.64 million, delivering an impressive 134x return on investment.

Key Price Levels and Market Trend

OM has faced selling pressure, dropping 2.93% in the last 24 hours. The token’s price remains in a short-term downtrend, characterized by lower highs and lower lows. A key support level has formed at $7.30, which has held against recent declines. 

However, a break below this level could trigger a deeper pullback toward $7.20. On the upside, MANTRA faces immediate resistance at $7.60. If the price can surpass this level, it may target the $7.75-$7.80 range.

Market Sentiment and Trading Activity

The decline in MANTRA’s price aligns with a broader drop in trading activity. Trading volume has fallen significantly, plunging 58.77%, indicating weaker momentum. Additionally, the token’s market capitalization is down 2.90%, reflecting continued selling pressure. 

Coinglass data indicate that the derivatives market has also weakened, with trading volume down 52.30% to $285.24 million, while open interest decreased by 8.40% to $429.70 million. This suggests a cautious stance among traders as they await further price action.

Technical Indicators and Future Outlook

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OM/USD daily price chart, Source: Trading view

The Relative Strength Index (RSI) currently stands at 69.20, hovering near the overbought territory. This suggests that while bullish momentum persists, a period of consolidation or a minor pullback could occur before another leg up. 

The Moving Average Convergence Divergence (MACD) presents a bullish crossover, with the MACD line at 0.7530 above the signal line at 0.6717. However, the flattening histogram at 0.0813 suggests momentum may slow down.

MANTRA Explodes 23% Amidst Market Crash

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  • MANTRA (OM) surged 23% despite recent market volatility, showcasing its strength.
  • The platform’s mainnet launch and RWA tokenization initiatives position it for long-term success.
  • Key partnerships and a focus on regulatory compliance drive MANTRA’s growth.

MANTRA, a real-world asset (RWA) tokenization platform, has defied market odds showing resilience and growth. Amidst the market downturn earlier this week, its native token OM surged by an impressive 23%, making encouraging recoveries. This performance underscores the project’s strong fundamentals and growing prominence in the burgeoning RWA sector.

Several key factors have played a key role in MANTRA’s success. The CCIP (Cross-Chain Interoperability Protocol) and Mainnet launch are considered as crucial technical milestones. The platform’s mainnet launch in October 2024 provided a secure and scalable foundation for RWA tokenization. The mainnet provides a working and scalable platform, while CCIP allows interoperability with other blockchains, expanding the ecosystem.

Strategic partnerships with industry leaders like DAMAC Group, MAG, Google Cloud, and Zand Bank have further boosted MANTRA’s potential and opened doors for real-world applications. The project’s unwavering focus on regulatory compliance, including its pursuit of licensing from Dubai’s VARA, reinforces its commitment to operating within established legal frameworks. UAE is seen as a favorable real estate and crypto hub, building trust and credibility, and attracting institutional investors.

MANTRA’s Success Story: From ATH to $16 Trillion Market

MANTRA’s price action reflects its underlying strength. The fact that OM reached an all-time high price of $6.13 during mass liquidations shows investors’ optimistic outlook even when the overall market is fearful. Experts suggest that OM’s strong fundamentals can propel the token to the $20 target in the current market cycle, reflecting a bullish price target.

MANTRA
Source: Our Crypto Talk

Even after a 3x price increase, investors held onto their OM tokens, suggesting long-term belief in the project. Moreover, the breaking of a “bull flag” chart pattern, coupled with the DAMAC partnership announcement (tokenizing over $1 billion in assets), suggests further upward price movement.

Along with all these Staking yields at 23%, multiple community based events and Interoperability has made $OM popular. Being a leader this early in RWA Tokenization already gives $OM an edge to expand in the market which is considered to be worth $16 Trillion by 2030.

Coupled with attractive staking yields, community engagement, and interoperability features, MANTRA is well-positioned to capitalize on the projected $16 trillion RWA market by 2030.

DefiLlama Expands to Include Mantra, Empowers New Potential of 3M Users

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In a significant move that underscores the growing importance of interoperability and liquidity solutions within the NFT space, DefiLlama, the leading DeFi analytics platform, has expanded its coverage to include Mantra, an NFT marketplace and lending protocol on the Shibarium network. This expansion marks another milestone in DefiLlama’s commitment to providing comprehensive and real-time data for the decentralized finance (DeFi) landscape.

DefiLlama has established itself as a go-to resource for tracking the total value locked (TVL) across various DeFi protocols. The platform’s user-friendly interface offers real-time insights into TVL, lending platforms, yield farms, and liquidity pools, making it an indispensable tool for investors and traders. By aggregating information from multiple platforms, DefiLlama provides a holistic view of the DeFi ecosystem.

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Source

Mantra Protocol, on the other hand, is a versatile multichain NFT marketplace operating on Shibarium, a layer 2 solution for Shiba Inu. Known for its accessibility and support for multiple blockchains, Mantra Protocol has emerged as one of the largest NFT marketplaces on Shibarium. The platform recently hosted an “Easter Egg Event” on March 26, 2024, offering several NFTs at discounted prices, further cementing its popularity among users.

DefiLlama Boosts Mantra’s Visibility and Audience Reach

The inclusion of Mantra on DefiLlama allows the NFT marketplace to gain exposure to a broader audience. Investors and traders can now track Mantra’s TVL and liquidity across different chains, fostering confidence and attracting new participants. This visibility is crucial for enhancing liquidity, as more users discovering and engaging with Mantra’s offerings will contribute to the growth of its liquidity pools.

Expressing their excitement, Mantra Protocol wrote on X (formerly Twitter),

“Let’s gooooooo !! We wanted to be in #DefiLlama for so long and once we applied, it only took a few hours to be on the platform. Kudos to your team! Thank you so much for tracking our protocol’s TVL now. We’re happy to be in the people’s favorite #blockchain stats tool.”

The integration of Mantra into DefiLlama highlights the importance of cross-chain collaboration. By bridging gaps between various blockchain ecosystems, this move promotes interoperability and expands the reach of DeFi solutions. As the NFT space continues to evolve, such collaborations are essential for fostering innovation and ensuring the seamless flow of liquidity across platforms.