MANTRA Issues Statement on OM Price Plunge: Team Did Not Engage in Any Sell-Off, Plans to Initiate Buyback and Burn Mechanism

BlockBeats News, April 16, MANTRA issued a statement regarding the OM price crash, stating that the MANTRA team is currently operating as usual and is committed to taking all necessary measures to address the current market turbulence. During the OM price crash, the MANTRA team did not engage in any selling activity, and the token allocations for the MANTRA mainnet OM team and advisory team are all locked up.

It is currently known to MANTRA that a large amount of OM tokens have been transferred to exchanges and used as collateral. Based on MANTRA's independent review of the incident, it can be confirmed that a forced liquidation event occurred during a period of low market activity (around 2 a.m. Hong Kong time on Monday), leading to excessive selling pressure on the OM token market.

MANTRA will release detailed information about its OM token support plan, which will include an OM token buyback and token supply burn plan. MANTRA CEO John Patrick Mullin has publicly committed to burning the funds allocated to the team.