From Cointelegraph

April 15, 2025 8:49:00 pm:

Mantra CEO John Mullin plans to burn all team tokens worth $236 million after the collapse of the Mantra (OM) token, wiping over $5.5 billion in value. Mullin aims to regain community trust and transparency, proposing a decentralized vote on the token burn decision. Some express concern about the impact on team motivation.

Mantra Ecosystem Fund will use $109 million for potential token buybacks and burns to stabilize OM’s price, which plummeted from $6.30 to as low as $0.52. The firm denies controlling 90% of OM’s token supply, insider trading, or market manipulation. The collapse was attributed to reckless liquidations and tokenomics changes. OKX and Binance deny wrongdoing.

Read more at CoinTelegraph: Mantra CEO plans to burn team’s tokens in bid to win community trust