JP Mullin Shocks Crypto World: Burns Entire $772K OM Token Stash Amid Mantra Meltdown!

Mantra CEO's Bold Move Follows 90% Crash and Insider Trading Allegations

Holy smokes, folks! JP Mullin, the head honcho at Mantra, just dropped a bombshell. He's burning all 772,000 of his OM tokens! Why? The project's been slammed with a massive crash and whispers of shady insider deals.

It's been a wild three days since Mantra's OM token nosedived over 90%, wiping out a staggering $5 billion. Mullin made this jaw-dropping announcement on X on Apr. 15. It was his response to a community member's plea to delay upcoming token unlocks as a sign of long-term faith.

Mullin clarified that the team's tokens won't start vesting until 2027, a cool 30 months after Mantra Chain's mainnet launch in October 2024. But he's not stopping there. He's ready to burn his entire team allocation and leave it to the community to decide if he's earned it back in the future.

"The team's token allocation is actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24). I'm planning to burn all of my team tokens and when we turn it around, the community and investors can decide if I have earned it back. 🫡🕉️"

This move has sparked a heated debate. Crypto Banter's Ran Neuner thinks it's a big mistake, arguing that teams need strong incentives to stay motivated. Mullin fired back, saying he's only talking about his personal stash, aiming to rebuild trust after the crash. He even tossed out the idea of putting the tokens into a community-controlled system instead of burning them outright.

Before all this, Mullin showed off a screenshot of his 772,081 OM tokens staked on Fluxtra, boasting that he was "100% staked" on the platform. The team's total 300 million OM tokens are locked until April 2027. Mullin's laser-focused on restoring OM's value, with buybacks and token burns on the table.

Things got even crazier when online scam hunter Coffeezilla dropped a summary of his YouTube interview with Mullin. He claimed that the Mantra team sold between $25 and $45 million worth of tokens in secret deals at a 30-50% discount, then used $5-10 million to buy back OM. Coffeezilla called it price manipulation, but Mullin isn't having any of it.

"Interviewed the CEO of $OM which crashed -90%. $30-$45m was sold OTC by the team. $10m was reinjected back into $OM in mid-2024. CEO says that isn't pumping the price. We disagree on what 'pumping the price' is. Full interview on YouTube."

The crash itself was a perfect storm of low liquidity and forced liquidations, according to a report on Apr. 15. OM's market depth tanked from $290 million to just $473,000, and $21 million in long positions got wiped out on OKX alone. OM is still feeling the heat, trading at $0.7479, down a brutal 88% in the last week.