MANTRA CEO John Mullin announced plans to destroy all OM tokens intended for the project team. So the top manager intends to restore the confidence of the community after the collapse of the cost of token.
When the “situation is resolved”, the community and investors will be able to decide whether he earned the return of these tokens, the general director wrote. Mantra reserved 300 million OM, which is about 16.88% of the total supply of coins for the team and the main participants. The tokens were blocked, they were planned to be released in stages from April 2027 to October 2029.
Now these tokens are estimated at about $ 236 million, and OM is traded at $ 0.78. However, before the collapse, which occurred on April 13, the cost of blocked tokens was about $ 1.89 billion. OM rate fell sharply from $ 6.30 to $ 0.52, as a result of which investors lost more than $ 5.5 billion.
Mallin said that he plans to use the Mantra Foundation in the amount of $ 109 million for redemption and burning other people’s tokens in an attempt to stabilize the OM rate.
The management of Mantra denies any rumors about the control of 90% of OM tokens and his participation in insider trade and market manipulations. Earlier, Mullin explained that the collapse of token occurred due to forced liquidations on centralized exchanges.
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Source: Cryptocurrency
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