Krutika Adani
On April 13, OM plunged from $6.30 to just $0.52, erasing billions in value and shaking investor confidence across the Mantra ecosystem.
In a public address, Mullin vowed to destroy his team’s entire token allocation—worth $236M—to regain community trust after the crash.
While some hail the burn as a trust-building move, critics like Ran Neuner warn it could demotivate the team and hurt long-term growth.
Mullin calls for a decentralized vote to decide the fate of the 300M tokens, reinforcing his push for transparency and user governance.
With $109M in reserves, Mantra is exploring buybacks and more burns. A post-mortem report is also promised to explain the crash.