Mantra CEO Outlines OM Token Recovery Plan
Mantra CEO John Mullin answered expert questions during his AMA (Ask Me Anything) session to explain how they are recovering after the OM token value crashed.
On April 14, Mantra CEO John Mullin conducted a session as his team worked through the sudden decrease of OM token value from $0.73 to its lowest point at $0.52 over the weekend.
In a recent statement, the company premier and principal focus revolves around restoring the OM token. Mantra teams collaborate with partners to design a purchase and destruction plan for the tokens, although specific steps remain in development.
Binance and OKX Identified as Major OM Holders
The executive responded directly to pervasive rumors after OM fell sharply. He rejects reports that core Mantra investors sold their OM holdings before the collapse and states that the entire team owns less than 10% of the token total supply.
According to Mullin, the reports show no truth. The list includes all existing OM wallets. Both main network and Ethereum operate separately across this system.
The OM token began trading on Ethereum in August 2020 and Binance holds most of those tokens available in exchange markets per Etherscan data. OKX maintains a 14% share of the total OM tokens through its biggest wallet that contains 130 million tokens.
Mullin introduced the new Mantra Ecosystem Fund (MEF) on April 7, 2023, as part of his investor fund strategy alongside partners Laser Digital and Shorooq Partners. Two of the leading investment groups participating in MEF are Brevan Howard Digital and Valor Capital alongside Amber Group.
He specified that MEF receives money from both token and dollar investments and that the organization would sustain its investment and support activities under this recovery strategy.
Mantra Commits to Ecosystem Stability and Recovery
During the AMA event, executives focused on suspicious transactions and talked about a 38-million-OM transfer from the Binance cold wallet to a different wallet on April 14. According to Mullin, the movement resulted from the completion of a funding platform activity on Binance.
According to him, it was Binance pulling that transaction. The team gave back the funds because the investment program ended.
The exchange used many OM tokens as part of its business requirements but did not state its name in this conversation. When Mantra’s risk management system changed, their trading platform forced selling of those positions, which created a snowball effect and pushed the token value down.
In the market chaos, Mullin promised to reveal Mantra’s actions to win back customer confidence. He stated clearly that Mantra would not abandon its duties. Our main priority is to work toward better services for our people after this bad event.
