Mantra CEO says OM token recovery ‘primary concern’ but in early stages

Key Points

  • Mantra CEO John Mullin addressed concerns about the OM token's sharp decline in an AMA session, denying insider dumping and outlining recovery plans.
  • Mullin emphasized that token buybacks and potential burns are still in early stages, with recovery being the primary concern.
  • The CEO denied allegations of the Mantra team controlling 90% of the token supply, highlighting transparency through community reports.
  • Mullin discussed the Mantra Ecosystem Fund (MEF), clarifying its composition and the ongoing support for the ecosystem.
  • He explained a significant transaction to Binance's cold wallet as part of an ended staking program, not related to insider trading.

Summary

In an Ask Me Anything (AMA) session hosted by Cointelegraph, Mantra CEO John Mullin tackled community concerns following the OM token's significant drop. He reassured users that Mantra and its partners are actively working on token recovery, though specifics on buybacks and burns are still being formulated. Mullin refuted claims of insider trading and excessive control over the token supply, pointing to transparency reports. He also clarified the nature of the Mantra Ecosystem Fund, which includes investments from major players like Laser Digital and Shorooq, and is not solely composed of OM tokens. Additionally, he addressed a large transaction to Binance, attributing it to the end of a staking program rather than any malfeasance. Mullin emphasized Mantra's commitment to transparency and recovery, despite the unfortunate situation leading to the token's collapse.

cointelegraph
April 14, 2025
Crypto
Read article

Related news