In a dramatic bid to restore investor confidence, Mantra CEO John Mullin has proposed burning the entire team’s token allocation following OM’s catastrophic crash in April 2025. The unprecedented move comes after OM tokens plummeted from $6.30 to a gut-wrenching low of $0.52, vaporizing over $5.5 billion in market value in a single day.
Investors watched in horror as their digital assets melted away like ice cream on hot pavement. The burn plan targets all 300 million tokens originally allocated to the team and core contributors—a hefty 16.88% of OM’s total supply. These tokens, previously locked with vesting dates stretching from 2027 to 2029, represented roughly $1.89 billion before the crash but now hover around $236 million. With tax implications looming, businesses holding OM tokens must meticulously document these losses for proper reporting.
Crypto dreams thawed faster than popsicles in July as $1.6 billion evaporated from team tokens overnight.
Mullin himself pledged to burn his personal stash of approximately 772,000 tokens. “Let the community decide if we’ve earned it back,” Mullin tweeted on April 15, suggesting a decentralized vote on the team’s tokens. The announcement sparked a 30% price rebound, though skepticism lingers in crypto circles. This token burn demonstrates Mullin’s long-term commitment to Mantra DAO’s success while potentially increasing the value of remaining tokens.
Some observers view the gesture as a desperate Hail Mary pass, while others appreciate the accountability. Crypto commentator Ran Neuner raised eyebrows about the long-term impact: “How motivated will the team be without their tokens?” It’s like asking chefs to cook magnificent meals they’ll never taste.
Beyond the team token burn, Mantra hinted at leveraging its $109 million ecosystem fund for buybacks and additional burns. The company strongly denied insider trading allegations following widespread speculation about the crash’s causes. The company promised a thorough post-mortem report on the crash, which they attribute to “reckless liquidations” by exchanges—though Binance and OKX offered different explanations.
For devastated OM holders, the burn represents a glimmer of hope in a storm-tossed sea. Whether this sacrifice will truly resurrect investor faith or merely postpone the inevitable remains an open question. As one community member put it: “Actions speak louder than tokens.”
