title: Mantra (OM) CEO Unveils Plan to Restore Community Trust After Massive Token Sell-off

The CEO and co-founder of the real-world asset (RWA) crypto project Mantra (OM) unveils a plan to bring back community trust following a massive sell-off of the blockchain's token.

The crypto project Mantra (OM) has seen its token value plummet and recover in a dramatic fashion.

The crypto project Mantra (OM) has seen its token value plummet and recover in a dramatic fashion.

The value of the OM token dropped from a high of $6.35 to a low of $0.37, marking a huge decline of 94%.

This rapid price meltdown occurred as a result of at least 17 wallets transferring 43.6 million OM tokens (valued at $227 million) to crypto exchanges.

In a series of posts on X, Mantra CEO John Patrick Mullin announced a token support plan that will include a buyback and supply burn program following the incident that led to substantial losses for OM holders.

“I’ve already committed to burning my team allocation (not my team’s). Comprehensive burn program details are forthcoming.

We’re building a dashboard with live balances of tokenomics buckets for additional market transparency.”

Mullin stated that Mantra is taking the initiative to reinstall market trust and showcase a long-term commitment to the project.

“To the community of OM traders, you have long believed in MANTRA. However, yesterday, as a result of massive forced liquidations of large OM holders’ positions on a particular crypto exchange, many of you suffered losses. No matter the scale of your loss, you are very much in my thoughts and the team’s thoughts.”

According to Mullin, their investigation indicates that the team did not sell any OM tokens during the market distress.

Moreover, the data analysis reveals that a number of significant traders were liquidated by centralized exchanges.

“We are confident that further information from our centralized exchange partners will provide more clarity on these events. We invite our exchange partners to collaborate on providing more details on trading activities during this time.”