Mantra CEO John Mullin spoke with major concerns from the community following a sharp decline in the OM token during a session of asking me (father) posted by cointelegraph on April 14th.
Mullin Sure Users mantra and its partners are actively working to support the recovery of the mantra (OM) token, even though he noted that details around token buyback and potential combustion are still developed.
“We are in the early stages of the integration -including this plan for potential purchases of tokens,” said the CEO, adding that the recovery of the OM token is “most basic and mainly concerned today.”
At the time of writing, OM exchanged $ 0.73, slightly higher than post-falling low to $ 0.52 recorded on April 13 at 7:30 pm UTC, According to to data from coingecko.
“No basis for allegations”
In addition to Refusal to reports that say the major mantra investors have thrown OM to token pre-crash, the Mantra CEO also refused allegations that the mantra team controlled 90% of the token supply.
“I think this is baseless. We posted a community transparency report last week, and it shows all the different wallets,” said Mullin, who featured the “two sides” of the tokenomic mantra.
Source: Cointelegraph
“You have a part of Ethereum and you have the main part,” Mullin said, adding a token -based Ethereum to a hard time trapped and been around since August 2020.
“The largest with -hold of OM on Exchange is Binance,” Mullin continued, referring to the public in Ethercan Records.
The top eight OM Holdings addresses. Source: Etherscan
However, the leading OM wallet is currently held by the Crypto exchange OKX, which controls 14% of the circulating -shift supply, or approximately 130 million tokens.
What’s next for MEF’s $ 109-million funds?
Mullin also discussed Mantra Ecosystem Fund (MEF), a $ 109-million funds were launched on April 7 In collaboration with major strategic investors, including laser digital and shorooq.
Other funding investors also include Brevan Howard Digital, Valor Capital, Three Point Capital, Amber Group, Manifold, UOB Venture, Damac, Fuse, Lvna Capital, Forte and more.
Related: Mantra bouncing 200% after OM price crash but brings risk as ‘big scandal’
According to Mullin, the fund is not only made up of Mantra’s Om token and has “dollars’ promises and dollars contributions.”
Investors in $ 109-million mantra funds. Source: mantra
“We will continue to invest and support the ecosystem as part of this recovery plan,” the CEO said.
End of Staking Program in Binance
To the father, the Mantra CEO also said that a 38-million-Om transaction in the Binance Cold wallet on April 14 was associated with a staking program in Binance.
“It’s really Binance,” Mullin said, adding that Binance has OM tokens in its exchange that uses it as a staking program.
Source: Onchain lens
“So, they only returned them because the staking program ended,” he said.
Mullin also emphasized that many of the transactions have caught the post-crash community reactions involved Collaterals by an unnamed exchange.
“Effective, those tokens are used as collateral in an exchange. Then, the exchange decided that this was not the position they wanted to maintain, for whatever reason,” Mullin said, and added:
“So, what happened was that the positions were taken by the exchange to take the collateral and began to sell, causing a cascade of sale pressure and forcing many destruction.”
Mullin said Mantra remains committed to responding to the situation as clearly as possible.
“We are not running from anything,” he said, adding that the incident was a “very bad -lucky situation.”
