Business

Burn Program Almost Finalized, According To Mantra CEO

Mantra co-founder and CEO John Patrick Mullin says the team is close to completing a token burn plan and is actively working on a buyback program following OM’s recent price collapse.

Haider Jamal
April 19, 2025

90% Plunge

“The burn program details are in the final stages, and the buyback program is also well underway. We are working around the clock for the Sherpas/OMies,” Mullin posted on X.

Source: X (@jp_mullin888)

OM plunged over 90% to $0.37 on April 13th after widespread liquidations erased around $5 billion in market value. It briefly recovered above $1 before retracing again. The token jumped 14% after Mullin’s latest update.

The team denies any insider sales during the drop and attributes the crash to forced liquidations during low-volume trading hours.

Community Vote

All team tokens remain locked, with vesting starting in April 2027. Mullin pledged to burn his own allocation and suggested a community vote to decide the fate of 300M team tokens, about 17% of OM’s supply, currently worth over $200M, down from $1.8 billion pre-crash.

Mantra plans to rebuild trust through the burn and buyback, a live tokenomics dashboard, and improved exchange transparency.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.