Mantra plans 'comprehensive burn program' for OM after 90% failure

Mantra to Launch 'Extensive Burn Program' of OM Token Following 90% Plunge

OM's recent drop from over $6 to under $0.45 happened in just a few hours and for no apparent reason.

Jamie Crowley | Edited by Stephen Alpher on April 16, 2025, 1:54 PM

Key points:

• CEO John Mullin has stated that the Mantra project, which is linked to real assets, plans to implement an extensive burn program for its OM token.
• Mallin responded to a post that mentioned that he was going to burn his team's tokens to restore the community's trust after OM unexpectedly lost more than 0% of its value.
• Mullin attributed the fall to markets closing OM positions, but not everyone accepted that explanation.

CEO John Mullin revealed in a post on X on Wednesday that real-world asset project Mantra is set to launch a massive burn program for its OM token.

Mullin responded to a post that outlined his plans to burn his team's tokens to regain the community's trust after OM suddenly lost more than 0% of its value on Tuesday.

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“To be absolutely clear, I confirm that I am burning MY team tokens and we will be developing an extensive burn program for other parts of the OM supply,” he wrote.

The process of token burning involves the continuous withdrawal of a portion of the cryptocurrency supply from circulation, which increases the value of the remaining tokens.

OM dropped from over $6 to under $0.45 in just a few hours without any obvious factors.

Mullin blamed the crash on exchanges closing OM positions, but not everyone agreed with that explanation. OKX founder Start Xu called the incident a “big scandal.”

At the time of writing, OM is trading at around $0.81, down 87% from its price before Tuesday's events.

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