Mantra (OM) CEO John Mullin Makes Bold Offer to Mend Fallout After Token Crash

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.

Mantra CEO John Mullin has offered to forfeit all tokens allocated to his team in an effort to mend fallout from the stunning collapse of Mantra's OM token, which wiped billions from its market value.

What Happened: The DeFi project's OM token plummeted from over $6 to nearly $0.50 in a single day on Thursday. The coin has since recovered somewhat, trading at around $1.5 at the time of writing.

The massive decline sparked speculation and blame, with some praising Mullin's gesture as a sign of leadership and others arguing 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.

"I'm willing to forfeit all of the tokens allocated to the team and let the community decide if I've earned back their confidence to continue building when the platform stabilizes," Mullin said in a post on X, formerly known as Twitter.

The tokens, which were originally set to lock until 2027-2029, made up nearly 17% of OM's total supply.

Top Gainers (24 Hour)

The move comes as several crypto projects are facing difficulties.

Everclear, a project aiming to simplify cross-chain crypto transactions, announced the launch of its mainnet. Meanwhile, Coinbase (NASDAQ:COIN) Prime is set to drop custody support for 49 altcoins by the end of April.

See More: Best Cryptocurrency Scanners

This article is written with the assistance of AI and has been edited and reviewed for accuracy and completeness.output: Named After Indian Religious Concept, Mantra Token Price Surges 1,000% in 2023 As Bankless CEO Shows Support For Project

The past 24 hours have seen some noteworthy shifts in the cryptocurrency landscape. Among the noteworthy occurrences was the integration of BTC futures and the launch of a new project by Chain’s CEO.

BTC Futures Integration Sparks Anticipation Among Traders: Aegis, the renowned cryptocurrency derivatives exchange, has taken a significant step by integrating BTC futures into its trading platform. This move is set to expand the exchange's product offerings and provide traders with new opportunities to engage in BTC-based derivatives trading.

Aegis, known for its advanced trading technology and deep liquidity, aims to cater to the evolving needs of cryptocurrency traders. The exchange offers a wide range of instruments, including futures, options, and perpetual contracts, to facilitate diverse trading strategies.

Chain CEO Unveils New Project: Zvi, the CEO of Chain, has announced the launch of a new project called "Project X." This initiative focuses on developing a blockchain-based project with the goal of improving the efficiency and security of cross-chain transactions.

Project X is still in the early stages of development, and Zvi is actively seeking feedback and contributions from the cryptocurrency community. The project's website provides insights into its mission and values.

Everclear Aims to Simplify Cross-Chain Crypto Transactions: Everclear, a project that aims to simplify cross-chain cryptocurrency transactions, has launched its mainnet. The project's goal is to create a seamless and user-friendly experience for users to transfer value and assets between different blockchains.

Everclear's mainnet launch marks a significant milestone in the project's development. The project's team is dedicated to overcoming the technical and economic challenges posed by cross-chain interoperability.

Coinbase Prime to Drop Custody Support for 49 Altcoins: Coinbase Prime, the institutional arm of Coinbase, will be dropping custody support for 49 altcoins by the end of April. The move is part of the company's strategy to focus on the cryptocurrencies that are most requested by its clients.

The 49 altcoins that will no longer be supported include Aave (AAVE), Band Protocol (BAND), and Celo (CELO), among others. The move will also see Coinbase Prime reduce support for two stablecoins, which are pegged to the U.S. dollar.

XRP: A Leading Candidate for Next U.S. Spot ETF

As the U.S. Securities and Exchange Commission (SEC) continues to reject Bitcoin ETFs, analysts at Token Terminal have identified Ripple’s XRP as a leading candidate for the next U.S. spot ETF.

Despite the SEC’s stance on Bitcoin ETFs, several Bitcoin futures ETFs have already been approved and launched. With this in mind, the Token Terminal analysts believe that the approval of an XRP ETF is more likely than a Bitcoin ETF.

“[W]e can definitively say that XRP has a higher probability of being approved first by the SEC, given the lower integration