John Mulllin, CEO von Mantra, spoke to necessary concerns of the community after the severe decline in OM -TOKEN during a gathering organized by CoinTelegraph on April 14 on April 14 by CoinTelegraph.
Mullin reassured the users that Mantra and his partners actively work to support the restoration of the mantra (OM) token, although he found that details about token returns and potential burns are still being developed.
“We are still within the early phases to place together this plan for a possible buyback of tokens,” said the CEO, adding that the OM -token recreation is Mantra's “outstanding and first problem in the intervening time”.
At the time of the letter, OM acted with $ 0.73, barely higher than its post-collapse low of USD 0.52, which was recorded on April 13 at 7:30 p.m. UTC, in response to Coingecko.
“Unfounded allegations”
In addition to the rejection of reports by which it was claimed that necessary mantra investors have unloaded the OM token-pre-crash, the CEO from Mantra also denies the allegations that the mantra team controls 90% of the token offer.
“I feel it’s unfounded. We published a community transparency report last week, and it shows all the various wallets,” said Mullin and emphasized the “two sides” of Mantras Tokenomics.
Source: cointelegraph
“You have the Ethereum page and you’ve got the major network side,” said Mullin, adding that the Ethereum-based token has been tacked hard and has been giving it since August 2020.
“The biggest owner of OM in exchange is Binance,” Mullin continued, referring the general public to Ethercan Records.
The eight top addresses from OM Holdings. Source: Ethercan
The top om letters' pocket is currently held by Crypto Exchange OKX, which controls 14% of the circulating offer or about 130 million tokens.
What's next for Mantra's $ 109 million funds?
Mullin also addressed the Mantra Ecosystem Fund (MEF), a $ 109 million fund that was introduced on April 7 in collaboration with its most vital strategic investors, including Laser Digital and ShorooQ.
The other investors of the fund also included Brevan Howard Digital, Valor Capital, Dreikpunkt Capital, Amber Group, Manifold, UOB Venture, Damac, Fuse, LVNA Capital, Forte and others.
According to Mullin, the fund not only consists of Mantras OM -Token and has “dollar obligations and dollar contributions”.
Investors within the $ 109 million funds from Mantra. Source: mantra
“We will proceed to take a position and support the ecosystem as a part of this restoration plan,” said the CEO.
End of the setting program on Binance
In the AMA, the mantra CEO also said that a transaction of 38 million o'clock to the Binance Cold Wallet on April 14th is said to a stakery program about Binance.
“It was actually Binance,” said Mullin, adding that Binance Om -Token had the exchange that it used as a setting program.
Source: Onchain lens
“So they only returned them since the setting program ended,” he said.
Mulllin also emphasized that most of the transactions that the community reactions were based on the crash included collateral through a nameless exchange.
“In fact, these tokens were used as a collateral of an exchange. Then the exchange decided that it was now not the position they wanted to keep up for some reason,” said Mullin and added:
“What happened was mainly that the positions were taken over by the exchange that took the collateral and started to sell, which led to a cascade of the sale and compelled more liquidations.”
Mullin said that the mantra was still obliged to treat the situation as transparently as possible.
“We don't run before anything,” he said, adding that the incident was a “very unlucky situation”.
