Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.
“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.
Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors that are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.
The team’s tokens are worth around $236 million with OM currently trading around 78 cents, but were worth around $1.89 billion before the token sank