Mantra CEO: OM token recovery is a top priority, but it’s still early days

PANews reported on April 15 that according to Cointelegraph, Mantra CEO John Mullin responded to community concerns after the sharp drop in OM tokens. He assured that Mantra and its partners are promoting the recovery of OM tokens, but the details of repurchase and destruction are still being worked out. He said: "We are still in the early stages of developing a potential token repurchase plan." In addition, Mullin said that the recovery of OM tokens is Mantra's top priority. He denied the allegations that major investors sold OM tokens and the team controlled 90% of the token supply, emphasizing that the allegations were unfounded and mentioned that the community transparency report had been released. Mullin mentioned that "the largest holder of OM in the exchange is Binance" and directed the public to check Etherscan records. However, the largest holder of OM wallets is currently the crypto exchange OKX, which holds 14% of the circulating supply, about 130 million tokens.

Mullin also introduced the $109 million Mantra Ecosystem Fund (MEF) in cooperation with strategic investors, saying that the fund contains "US 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." In addition, he revealed that the 38 million OMs transferred to Binance's cold wallet on April 14 were related to a staking program of Binance, and Binance returned the tokens due to the end of the program. He also pointed out that many of the transactions that caused community reactions after the crash involved collateral from an unnamed exchange, "For some reason, the exchange decided not to maintain this position, so the exchange that received the collateral took over these positions and began to sell, triggering a series of selling pressure and forcing more positions to be liquidated."

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