Mantra CEO: The recovery of OM tokens is the top priority at the moment
ChainCatcher news, according to Cointelegraph, Mantra CEO John Mullin responded to community concerns following the sharp decline of the OM token. He assured that Mantra and its partners are working to revive the OM token, but details regarding the buyback and burn are still being formulated. He stated: "We are still in the early stages of developing a potential token buyback plan." Furthermore, Mullin mentioned that the recovery of the OM token is Mantra's top priority. He denied allegations that major investors were dumping OM tokens and that the team controls 90% of the token supply, emphasizing that the related accusations are baseless and referring to the community transparency report that has been released. Mullin noted, "The largest holder of OM on exchanges is Binance," and directed the public to check Etherscan records. However, currently, the largest holder of OM wallets is the cryptocurrency exchange OKX, which holds 14% of the circulating supply, approximately 130 million tokens.Mullin also introduced the $109 million Mantra Ecosystem Fund (MEF) in collaboration with strategic investors, stating that the fund includes "dollar commitments and contributions" and will continue to invest in supporting the ecosystem. He said: "As part of the recovery plan, we will continue to invest and support the ecosystem." Additionally, he revealed that the 38 million OM transferred to Binance's cold wallet on April 14 is related to a staking program with Binance, which returned the tokens due to the program's conclusion. He also pointed out that many trades that triggered community reactions after the crash involved collateral from an unnamed exchange, stating, "For some reason, that exchange decided to no longer maintain this position, so the exchange receiving the collateral took over these positions and began to sell, triggering a chain of selling pressure and forcing more positions to be liquidated."