Mantra Finalizes Burn and Buyback Plans to Stabilize OM Token After Crash

Mantra Finalizes Burn and Buyback Plans to Stabilize OM Token After Crash

By Jakub Lazurek

19 Apr 2025 (27 days ago)

1 min read

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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.

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