JP Mullin, CEO of Mantra, Says He Plans to Burn His Entire 772K OM Token Allocation

JP Mullin, CEO of Mantra, said he plans to burn his entire 772,000 OM token allocation in response to criticism

JP Mullin, the CEO of Mantra, announced plans to burn his entire 772,000 OM token allocation in response to criticism over the project’s recent collapse and insider activity allegations.

His statement follows an intense three days of scrutiny after the Mantra (OM) token plunged over 90% from its recent high, wiping out $5 billion in value. Mullin made the declaration via X on April 15. He was replying to a community member who had suggested the Mantra team should delay its upcoming token unlocks, originally set to begin in April, as a show of long-term commitment.

“The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24). 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,” Mullin stated.

The assertion sparked debate. Crypto Banter founder Ran Neuner said this approach “would be a mistake.” In his view, strong incentives are important to keep project teams motivated.

“We discussed the pros and cons of burning his tokens. In my opinion, it would be a mistake. We need strong incentives for the project teams to be motivated to see this through,” Neuner stated in a follow-up post.

Mullin responded that he was only referring to his personal allocation, and that the goal was to rebuild trust after the crash. He also floated the idea of placing the tokens into a community-controlled mechanism instead of burning them outright.

“I’m open to suggestions on how we can best put the tokens to use for the benefit of the community. We can work together to come up with a solution that everyone agrees on,” he added.

Mullin had previously shared a screenshot showing his 772,081 OM staked on Fluxtra, fibnalytics XVasix and STAPCCentral, adding that he was “100% staked.” The team’s total 300 million OM allocation is locked until April 2027. According to Mullin, restoring the OM token’s value is the project’s top priority, with strategies like buybacks and token burns being considered.

The situation further escalated after popular online scam investigator Coffeezilla posted a summary of his YouTube interview with Mullin. He claimed that the Mantra team sold $25–$45 million worth of tokens in over-the-counter deals, at a 30–50% discount, and later used $5–$10 million to buy back OM. Coffeezilla argued this was a form of price manipulation, which Mullin denied.

interviewed the ceo of $OM which crashed -90%. $30-$45m was sold OTC by the team. $10m was reinjected back into $OM in mid-2024. CEO says that isn't pumping the price. we disagree on what "pumping the price" is. full interview on Youtube.

The crash itself, according to an April 15 report by crypto.news, was worsened by low liquidity and forced liquidations. Market depth on OM dropped from $290 million to just $473,000. Around $21 million in long positions were liquidated on OKX alone. OM token remains under heavy pressure, trading at $0.7479 at press time, down 88% in the past 7 days.