If you thought your ex burning your hoodie was dramatic, wait till you hear about Mantra CEO John Mullin, who has decided to yeet 300 million OM tokens (yeah, you read that right) just to win back the hearts of crypto Twitter after OM faceplanted from $6.30 to $0.50. That’s over $6 billion vaporized—poof! Somewhere, a yacht dealership just went into mourning.
Enter Mullin, stage left, valiantly declaring on X (that’s Twitter if you’re over 35), “I’m burning all my team tokens, and y’all can decide later if I get them back.” This is like Survivor: Blockchain Edition, except the immunity idol is market trust, and there’s no Jeff Probst—just a lot of people with anime profile pics.
The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24).
I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back. 🫡🕉️
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025
The tokens in question? ~16.88% of OM’s total supply, worth (drumroll) $236 million at the gloomy current prices. These were supposed to unlock between April 2027 and October 2029, so basically Mullin was Marie Kondo’ing future ambition. If it doesn’t spark joy—or investor forgiveness—goodbye!
While some hailed him as a crypto Gandalf, others warned, “Hey, maybe keep something to motivate the team?” Ran Neuner of Crypto Banter piped in, basically saying, “Sure, burn the carrot, but don’t expect the donkey to do cartwheels.” 🤷♀️
But look, never underestimate a grand gesture. OM surged 23% overnight, trading at $0.7579 with a trading volume the size of a Taylor Swift stadium tour ($1.43B). Cue the confetti cannons in the CoinMarketCap office.
Mullin’s next move? Maybe a decentralized vote to decide if he gets his tokens back. Or a group therapy session for traumatized investors. Either way, promise of a detailed post-mortem incoming (which, let’s be honest, is what every ex says after things blow up).
Oh, and for the conspiracy theorists: no, the team did not control 90% of OM, and no, insider trading wasn’t the issue. The culprit was the good old crypto classic: reckless liquidations and…vibes.
The comeback tour is apparently just getting started. Mantra’s recovery plan includes spending its $109 million Ecosystem Fund on buybacks and token bonfires. Grab your marshmallows. 🔥💰
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2025-04-16 08:21