John Mullin, CEO of Mantra, said in an X post Wednesday that his team would be burning their OM tokens and that the project would create a comprehensive burn program
Mantra CEO John Mullin has announced plans to create a comprehensive burn program for the project's OM token, in response to a community member on X, previously Twitter.
"To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply," said Mullin.
This comes after Mullin said he was planning to burn his team's tokens to win back the trust of the community. A post on the Mantra community Telegram channel on Tuesday said that the project's native token, OM, lost nearly all of its value.
Token burns refer to the process of permanently removing a proportion of a cryptocurrency's supply from circulation in order to increase the value of the tokens that remain.
The token fell from over $6 to under $0.45 in a matter of hours with no sudden catalyst.
Mullin blamed the drop on exchanges closing OM positions, but not everybody was buying this explanation. OKX founder Start Xu referred to the incident as "a big scandal."
OM trades at around $0.81 at the time of writing, 87% lower than its price prior to Tueday's events.
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