After Mantra’s OM token experienced a stunning collapse, CEO John Mullin is taking an unexpected step to regain trust—he’s offered to forfeit all tokens allocated to his team.
The move comes just days after OM plummeted from over $6 to nearly $0.50 in a single day, wiping billions from its market value.
Mullin revealed his intention on social media, saying he’s ready to burn the entire team’s token reserve—worth hundreds of millions—so the community can decide if he’s earned their confidence back once the platform stabilizes.
These tokens, originally locked until 2027–2029, made up nearly 17% of OM’s total supply.
OM’s price collapse on April 13 was one of the sharpest seen in recent DeFi history, and it quickly sparked speculation and blame. Some praised Mullin’s gesture as a sign of leadership; others argued that removing incentives for the project’s builders could hurt its long-term viability. Crypto personality Ran Neuner warned that eliminating team rewards might do more harm than good, calling it a “mistake.”
Rather than acting unilaterally, Mullin has proposed letting token holders vote on whether the burn should proceed. He also promised a full breakdown of the events that led to the crisis, aiming to maintain transparency with supporters.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/mantra-ceo-makes-bold-offer-to-mend-fallout-after-token-crash/