According to Cointelegraph, PANews reported on April 15th that Mantra CEO John Mullin responded to community concerns about the significant drop in OM tokens. He assured that Mantra and its partners are working to revive the OM token, but the details of buyback and burning are still being developed. He stated: "We are still in the early stages of developing a potential token buyback plan." Additionally, Mullin emphasized that OM token recovery is Mantra's top priority. He denied allegations of major investors selling OM tokens and the team controlling 90% of token supply, stressing that these claims are unfounded and mentioning the published community transparency report. Mullin noted that "the largest OM holder on exchanges is Binance" and directed the public to check Etherscan records. However, currently, the largest OM wallet holder is the crypto exchange OKX, which holds 14% of circulating supply, approximately 130 million tokens.
Mullin also introduced the $109 million Mantra Ecosystem Fund (MEF) in collaboration with strategic investors, stating that the fund includes "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 in and support the ecosystem." Furthermore, he revealed that the 38 million OM tokens transferred to Binance's cold wallet on April 14th were related to a Binance staking plan, with Binance returning the tokens due to plan termination. He also pointed out that many trades causing community reactions after the crash involved collateral from an unnamed exchange, "for some reason, this exchange decided to no longer maintain its position, so the exchange receiving the collateral took over these positions and began selling, triggering a series of selling pressure and forcing more positions to be liquidated".
