Mantra CEO Plans to Burn Team’s Tokens in Bid to Win Community Trust

Mantra CEO to Burn 300 Million Team Tokens Following OM Token Collapse

In an unprecedented move to restore faith among the Mantra (OM) community, CEO John Mullin has pledged to burn the 300 million OM tokens previously allocated to the project’s team and core contributors. The decision follows the sudden crash of the OM token on April 13, which saw its price plummet from $6.30 to just $0.52, wiping over $5.5 billion in market value.

Taking to X (formerly Twitter) on April 16, Mullin stated, “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.”

The team’s token allocation—representing 16.88% of OM’s total supply of nearly 1.78 billion—was originally locked and scheduled to vest between April 2027 and October 2029. At current market prices, those tokens are worth approximately $236 million, down from an estimated $1.89 billion before the crash.

Community Reaction Mixed

While many in the community praised Mullin’s gesture as a meaningful show of accountability, others voiced concerns about its implications. Critics, including Crypto Banter founder Ran Neuner, argued that removing team incentives could hinder long-term motivation.

"This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term," Neuner warned.

Source: JP Mullin

Mullin acknowledged the criticism and floated the idea of holding a decentralized vote to let the community decide whether or not to proceed with the burn.

Post-Crash Transparency and Recovery Efforts

In an interview with Cointelegraph on April 14, Mullin promised a full post-mortem report to explain the factors behind the OM token’s collapse. He also shared that the team is exploring various strategies to stabilize the token, including buybacks and additional burns, funded by the $109 million Mantra Ecosystem Fund.

Amid widespread speculation and rumors of market manipulation, Mullin strongly denied accusations that the team controls 90% of OM’s supply or was involved in insider trading. The Mantra team maintains that the collapse was triggered by “reckless liquidations” and not due to internal mismanagement.

Major exchanges OKX and Binance—both of which experienced heightened OM trading activity during the crash—also denied any wrongdoing. They attributed the volatility to earlier changes in OM’s tokenomics and a cascade of cross-exchange liquidations that overwhelmed the market on April 13.

Looking Forward

Despite the turmoil, Mullin remains committed to rebuilding trust and stabilizing the Mantra ecosystem. His bold proposal to burn the team’s tokens could set a precedent in crypto governance—one where transparency and community control take center stage.

As the dust settles, all eyes are on the community vote and how the platform navigates its recovery in the weeks ahead.