MANTRA’s Double Burn: 300 Million OM Tokens to be Destroyed Following Crash

According to the team, MANTRA’s CEO and founder John Patrick Mullin is destroying all of his 150 million OM token allocation — currently worth about $87 million — to restore trust after the token experienced a historic 90% crash last week. The action comes as OM is trading at $0.5832, having fallen 90.4% over the past two weeks.

OM token crisis prompts MANTRA to reduce supply through mass burn

The team’s blog post claims that the burn will permanently remove 150 million OM tokens, fully verifiable via on-chain transaction hashes, thereby reducing the total supply from 1.82 billion to 1.67 billion. Mullin and the project team stressed that the action is in line with the commitment to “rebuilding trust” and advancing MANTRA’s vision of a “trusted, accessible financial ecosystem.”

The tokens, which were initially staked at the mainnet launch in October 2024, will be fully unstaked and sent to a burn address by April 29. MANTRA further explained that the team is also in consultation with partners to destroy an additional 150 million OM tokens, potentially reducing the supply by 300 million tokens in total.

The token reduction is intended to stabilize the project’s economics, in the process reducing the lock-up ratio from 31.47% to 25.30%, thereby increasing staking rewards. In addition, MANTRA launched a real-time dashboard on April 19 to improve transparency, showing OM’s EVM and mainnet supply, wallet holdings, and on-chain data.

The team promised to implement “additional features” soon, responding to investor calls for clarity after the crash. The token’s plunge initially sparked allegations of insider or team selling, which MANTRA and its associated partners strongly denied. Mullin and the team blamed the trading platform for “reckless liquidation.”

With $5 billion wiped off OM’s market cap since then, MANTRA’s aggressive supply cuts and transparency push are a critical test for the project focused on real-world assets (RWAs). The crypto community is now watching to see if these measures can restore confidence — or if the project’s problems run too deep. OM is up 2% against the U.S. dollar over the past 24 hours.