The post Mantra CEO Plans To Burn Tokens After $5.5B Crash To Rebuild Community Trust appeared on BitcoinEthereumNews.com.

Mantra CEO John Mullin has announced he will burn all of the team-held tokens in an effort to rebuild trust with the community after the Mantra (OM) token suffered a major crash on April 13 – a drop many are comparing to the Terra Luna collapse. “I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16. 300 Million Tokens to Be Burned Mantra had set aside 300 million OM tokens — about 16.88% of the total supply — for the team and key contributors. These tokens were locked and scheduled for gradual release between April 2027 and October 2029, according to a blog post from April 8. Following the crash, with OM trading at $0.78, the team’s tokens are now worth around $236 million. Before April 13, however, they were valued at approximately $1.89 billion. OM’s price plunged from $6.30 to as low as $0.52, wiping out over $5.5 billion in market value. Some community members supported Mullin’s decision to burn the tokens, while others raised concerns about how it might affect the team’s motivation. Ran Neuner, founder of Crypto Banter, said the move might seem positive on the surface, but could weaken the team’s drive to keep building the project. In response, Mullin said the final decision could be made through a community vote. This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term. My suggestion; Just keep building. — Ran Neuner (@cryptomanran) April 15, 2025 Mullin has also promised to release a full post-mortem report explaining what went wrong during the crash. He shared…

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Filed under: News - @ April 16, 2025 4:28 pm