- MANTRA CEO JP Mullin has pledged to burn his team’s token allocation following the spectacular 87% crash of the project’s OM token
- Mullin denied insider selling and claims the crash was caused by centralized exchange liquidations
- A $109 million fund has been launched to support MANTRA’s recovery and community rebuilding
MANTRA CEO JP Mullin has denied insider dumping of the project’s $OM coin and has outlined a multi-pronged plan to rebuild trust and stabilize the project. Mullin was interviewed by CoffeeZilla about the 87% price crash, which he blamed on centralized exchanges triggering forced liquidations, not coordinated team selling. Mullin also committed to burning his entire token allocation and supporting a $109 million recovery fund as the project looks to rebuild following the catastrophe.
Mullin Goes on the Defensive
Mullin was pushed hard in the interview, fielding accusations that the MANTRA team ditched up to $45 million worth of $OM tokens in the days leading up to the crash. Coffeezilla also alleged that up to $10 million from these OTC deals was reinvested into the market to artificially inflate OM’s price—essentially a “pump and dump” strategy. Mullin denied these allegations:
There was no intention to pump the price. It was meant to bring in long-term aligned partners—not to dump on the market.
Mullin admitted that the price crash was “devastating” but that it was nothing to do with his team’s sales:
There was no insider selling. The Mantra association, our key investors, our advisers—no one has sold.
Mullin attributed the crash to what he called “sudden closure of account positions” on centralized exchanges during thin liquidity, noting, “The timing and depth of the crash suggest that a very sudden closure was initiated without sufficient warning or notice.”
Mullin Focuses on the Rebuild
In a move to regain community trust, Mullin announced he would voluntarily burn his entire team token allocation—772,000 OM tokens. “When we turn it around, the community and investors can decide if I’ve earned it back,” Mullin said. He framed the gesture as both symbolic and practical, distancing himself from accusations of profiteering.
MANTRA has also launched a $109 million ecosystem fund aimed at recovery and future development. Mullin says the team is prepared to use the fund to inject liquidity, conduct buybacks, and support affected users. “We will inject our own liquidity if necessary,” he said, pledging direct support to the community.
Despite the crash, Mullin closed the interview on a defiant note: “We’re not going anywhere. We’re going to rebuild.”
