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In a bid to reassure a shaken community and restore confidence in the Mantra project, CEO John Mullin has publicly addressed the recent plunge of the OM token, labeling its recovery as the team’s “top and most urgent priority.” His comments came during a live AMA (Ask Me Anything) session hosted by Cointelegraph on April 14, following a turbulent weekend for the token and its holders.
A Rough Patch for OM but Recovery Is on the Table
The OM token saw a steep decline in value, falling to $0.52 before slightly rebounding to $0.73, according to CoinGecko data. In response, Mullin assured that both Mantra and its strategic partners are fully engaged in recovery efforts, though the specific mechanics such as potential token buybacks or burns are still in early development stages.
“We’re still in the early stages of drafting a plan for a possible token buyback,” said Mullin. “But let me be clear recovering OM is our number one priority right now.”
Addressing Community Concerns and Rumors
One of the hot topics during the AMA was the wave of speculation accusing insiders of dumping tokens ahead of the crash and suggestions that Mantra's team controls up to 90% of the OM supply.
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Mullin firmly denied these claims, calling them “unfounded accusations,” and pointed to a recently published transparency report. He explained that the OM tokenomics are split between Ethereum and the Mantra mainnet, noting that the Ethereum-based OM has a fixed cap and has existed since August 2020.
He emphasized the importance of on-chain transparency:
“The biggest holder of OM on an exchange is Binance,” he stated, urging users to verify wallet data on Etherscan.
Still, data shows that OKX currently holds the largest share of circulating OM approximately 14% or around 130 million tokens.
Mantra Ecosystem Fund: Still Going Strong
Mullin also shed light on the future of the Mantra Ecosystem Fund (MEF), a $109 million investment initiative launched just days before the token’s drop. The fund, backed by major players like Laser Digital, Shorooq Partners, and Brevan Howard Digital, is not dependent solely on OM holdings. According to Mullin, it includes diverse capital commitments in USD and will continue to invest in projects aligned with the Mantra ecosystem.
“We’re not slowing down. The fund remains active and committed to supporting ecosystem growth as part of our broader recovery strategy.”
What Happened on Binance?
Another source of confusion came from a significant transfer of 38 million OM tokens to Binance’s cold wallet on the day of the collapse. Mullin explained that this transaction was related to the conclusion of a staking program on the exchange.
“Binance simply returned the tokens after the staking campaign ended,” he clarified.
He also addressed further wallet movements that raised eyebrows, noting they were linked to collateral positions on another unnamed exchange. When that platform opted to close its exposure, it triggered a cascade of liquidations that significantly impacted OM’s market price.
“The exchange started selling off collateral, which led to a chain reaction of forced liquidations,” Mullin said. “It was an unfortunate situation, but we’re not hiding from it.”
Looking Ahead: Rebuilding with Purpose
Despite the setback, Mullin emphasized Mantra’s commitment to rebuilding trust through transparency and active community engagement. He reassured holders that recovery is not just a marketing slogan, but a concrete roadmap in development.
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As Mantra navigates this critical period, investors and users are being encouraged to stay informed, avoid panic, and observe the unfolding steps being taken to restore OM’s value and the ecosystem’s credibility.
Final Thoughts: Setbacks are not uncommon in the fast-paced world of crypto, but the strength of a project often lies in how it responds. With its leadership addressing concerns head-on and laying the foundation for recovery, Mantra may well turn this challenge into an opportunity for growth and renewed trust.
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