The CEO and Founder of UAE regulated Mantra Chain John Patrick Mullin announced on LinkedIn ( 23 hours ago) that the event regarding the $OM Token severe losses at the beginning of this week, were a result of a massive forced liquidation of a very large OM holder’s position on a crypto exchange.
Since the incident the OM token has lost $5 billion in value, and stands at a market cap of $741 million.
He noted however that regardless of your scale of loss, all investors and community members are in his and his teams thoughts. He as such along with the leadership team are exploring buy back programs and a supply burn to restore investor confidence.
He added that within the next 24 hours, he will be making a public factual post mortem that will share all the details of what transpired in the early hours of Monday morning (APAC). He states, ” This analysis will be as accurate and factual as we can possibly make it. It will not contain opinions or spin. We believe the truth is on our side, and it is in everyone’s interest to make it known and shared as widely as possible. It’ll be shared on my account, along with our official channels.”
Later on in an X post he explained further with regards to burning of tokens. He stated, “To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply.”
Investors in Mantra, such as Shorooq and Laser Digital denied claims of token sale.
