The general director of Mantra, John Mullin, said that he was planning to burn all the tokens of his team to regain the trust of the network community after the sudden fall of the token Mantra (OM) on April 13.
“I plan to burn all my band’s tokens, and when we reverse them around the community, and investors can decide whether I earned”, Mullin Published until October 16.
The mantra has put down 300 million OM, 16.88% almost 1.78 billion supply for its teams and basic. They are currently closed and are to be issued in stages between April 2027 and October 2029, According to to the post on the blog of April 8.
The team’s tokens are worth around $ 236 million, and OM currently trads about 78 cents, but they were worth around $ 1.89 billion, before the token sank on April 13, from around 6.30 USD to the lowest level of 52 cents and wiped over $ 5.5 billion in value, According to To Coingecko.
Source: JP Mullin
Many members of the community were satisfied with Mullin’s promise, but others believed that the token was burning as a potential blow of the team’s long -term involvement in building a platform for the tokenization of assets in the real world.
“It would be a mistake. We want the bands that are highly encouraged. Combustion can seem to be a good gesture, but to hurt the motivation of the team,” in the long term, “,” he said Founder of Crypto Carker Ran Neuner.
Mullin suggested that a decentralized voice can determine whether to burn 300 million team tokens.
The mantra recovery process is already underway
Mullin Promised A statement of posthumous explanation of what went wrong to be crystal clear to the community.
Talking to Cointelegraph on April 14, Mullin presented plans to operate the Mantra Ecosystem Fund in the amount of $ 109 million for potential purchase of tokens and burns to stabilize the OM price, which dropped from USD 6.30 to only 0.52 USD.
Related: Red flag? TVL Mantry jumped by 500%when the price was collapsed
Mullin definitely rejected rumors that it controls 90% of OM tokens supply and deals with market information and market manipulation.
Mantra claims that the OM price implosion was caused by “reckless liquidation”, adding that this was not associated with any actions taken by the team.
OKX AND Binance They were among the exchanges of cryptocurrencies, which recorded significant OM activity just before the token collapsed.
Both exchanges denied any offenses, assigning the fall to the changes introduced to the OM tokenomics in October and the extraordinary variability, which eventually caused liquidation with a high exchange content of April 13.
Warehouse: Memecoin degeneration finances breakthrough anti -aging tests
