Mantra Finalizes Burn and Buyback Plans to Stabilize OM Token After Crash
Mantra CEO John Patrick Mullin confirmed that the team is finalizing a token burn program and actively executing a buyback to help stabilize the OM token after its sharp collapse.
Mantra’s OM token crashed over 90% on April 13, briefly falling to $0.37 before rebounding above $1 and then dipping again. The collapse wiped out around $5 billion in market value. CEO Mullin blamed forced liquidations during low-volume hours on centralized exchanges, a finding later backed by Mantra’s internal investigation.
To restore trust, the team is rolling out a buyback and burn initiative, launching a live tokenomics dashboard, and working with exchanges for more transparency. Mullin pledged to burn his personal OM tokens and proposed a community vote on whether to burn 300 million locked team tokens, nearly 17% of OM’s total supply. These tokens, now worth around $200 million, were originally valued at $1.8 billion before the drop.
OM is currently trading at $0.68, still down nearly 88% from its pre-crash high of $6.
