You Won’t Believe What Mantra CEO Said About OM Token Recovery! 😱

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In a most unremarkable display of corporate rectitude, John Mullin, the esteemed CEO of Mantra, graciously addressed the rampant concerns expressed by the community, following a rather precipitous decline in the value of their beloved OM token, during an Ask Me Anything (AMA) session hosted by the well-known CryptoMoon, on the fourteenth day of April.

Mr. Mullin, with the solemnity befitting a gentleman of his station, reassured users that Mantra and its various partners are indeed labouring quite diligently to restore the berated virtues of the Mantra (OM) token, although, rather inconveniently, the specifics concerning token buybacks and potential burnings remain merely a delightful whisper in the wind, yet to unfold into a concrete plan.

“We are but in the nascent stages of devising this plan for a possible buyback of tokens,” the CEO proclaimed, further elucidating that the recovery of the OM token occupies the foremost concern of Mantra—an issue of utmost import, evidently! 🎩

At the moment in question, the OM token was trading at $0.73, a slight elevation from its post-collapse nadir of $0.52 recorded just after the witching hour on April 13, as conveyed by the ever-reliable CoinGecko.

“Baseless Allegations”

In a melodramatic turn, the Mantra CEO categorically denied unsavoury reports alleging that key investors had hastily divested of the OM token prior to its unfortunate collapse, whilst also reflecting on claims suggesting that the Mantra team holds a staggering 90% of the token’s supply.

“Such allegations are entirely devoid of foundation. We had the audacity to publish a community transparency report last week, exhibiting the various wallets in all their glory,” Mullin remarked, drawing attention to the “two sides” of Mantra’s rather complex tokenomics, which one might liken to a well-told Regency romance—full of twists yet ultimately satisfying if one follows closely.

“One finds oneself at a crossroads between the Ethereum side and the mainnet side,” he continued, declaring the Ethereum-based token to be of hard cap and existing since the charming month of August in the year 2020. Can you feel the excitement? 🍿

“The most considerable holder of OM on exchanges, dear readers, is none other than Binance,” Mullin informed, directing the public towards Etherscan records for additional scrutiny, as if it were a scandalous revelation worthy of a gossip column.

However, it is rather amusing to note that the principal OM wallet currently resides with the illustrious crypto exchange, OKX, which holds a staggering 14% of the circulating supply—some 130 million tokens, a feat worthy of admiration, no less.

What’s Next for Mantra’s $109-Million MEF Fund?

Mr. Mullin further regaled the audience with details concerning the Mantra Ecosystem Fund (MEF), an impressive $109-million fund birthed in collaboration with esteemed strategic investors, such as Laser Digital and Shorooq, among others who sound equally formidable.

He assured the community that the fund does not consist entirely of Mantra’s OM token but rather includes “dollar commitments and dollar contributions,” the ambiguity of which could spark a lively debate at any soirée. 🥂

“Our pursuit to invest and nurture the ecosystem will continue as part of this recovery plan,” the CEO stated with an air of conviction that could stir even the most stoic hearts.

The End of the Staking Program on Binance

During the AMA, Mr. Mullin also acknowledged a rather princely transaction of 38 million OM tokens dispatched to the Binance cold wallet on April 14, which pertains to a staking program on Binance—a revelation that promises intrigue!

“It was indeed the esteemed Binance,” Mullin clarified, adding that they possessed OM tokens which were utilized as part of this heel-dragging staking program.

“Thus, they merely returned them after the conclusion of the staking program,” he averred, as if narrating a delightful anecdote from the last Ball. 💃

Mullin also underscored that many transactions which nettled the community post-collapse were entanglements of collateral by some unnamed exchange. “Effectively, those tokens served as collateral and, for reasons unknown to the likes of us, the exchange decided to relinquish its position,” Mullin imparted, elaborating:

“What transpired was that the positions were commandeered by the exchange that seized the collateral, prompting a cascade of sell pressure that forced even more liquidations. A most regrettable affair, indeed!”

Mullin assured everyone that Mantra remains steadfastly committed to addressing this unfortunate situation with utmost transparency, declaring, “We are not vacating our post!” A most inspiring sentiment, if ever there were one.

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2025-04-14 18:36