Mantra Founder Announces Token Burn and Buyback Amid Manipulation Allegations

JP Mullin, founder of Mantra (OM), addressed the dramatic 90% drop in OM’s price and a loss of $5 billion in market value following forced liquidations of large holders on a cryptocurrency exchange. In his statement, Mullin expressed gratitude for overwhelming support from partners, investors, and the broader Web3 community over the past 36 hours. He emphasized that the decline was triggered by market conditions rather than internal malfeasance, though allegations of manipulation persist. To restore confidence, the Mantra team is preparing a comprehensive post-mortem report to be released within the next 24 hours, which will detail the events leading to the price drop and outline measures such as an OM token buyback program and supply burn. Despite these corrective initiatives, caution remains due to ongoing volatility and unresolved fraudulent claims linked to past events. This news comes as a reminder to investors to remain vigilant in a market marked by rapid shifts and potential manipulation.