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Mantra CEO JP Mullin has announced a plan to burn 100% of the team allocation tokens to win back the trust of the project’s vast community.
April 15th—Mantra CEO JP Mullin has sparked debate in the crypto space regarding the team’s innocence in the recent OM token crash. In a surprising turn of events, Mullin has declared that he is planning a burning strategy for 100% of the team’s allocation tokens. According to his X(formerly Twitter) post:
The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24). I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back.
This follows allegations of insider trading and manipulations leading to massive liquidations of traders’ positions. However, according to Mullin’s recent interview:
We did not sell a single OM… The team also did not get liquidated… We don’t have leveraged positions on exchanges…we don’t do that.
He also stated that he will create a “comprehensive burn program” for other parts of the OM supply. Some crypto enthusiasts believe burning 100% of the team allocation could lower their morale.
However, Mullin’s announcement is a step towards desirable accountability and leadership in the crypto space.
