Mullin reassured users that Mantra and its partners are actively working to support the recovery of the Mantra (OM) token, though he noted that details around token buybacks and potential burns are still being developed.“We’re still in the early stages of putting together this plan for potential buyback of tokens,” the CEO said, adding that the OM token recovery is Mantra’s “preeminent and primary concern right now.”At the time of writing, OM traded at $0.73, slightly higher than its post-collapse low of $0.52 recorded on April 13 at around 7:30 pm UTC, according to data from CoinGecko.“Baseless allegations”In addition to denying reports claiming that key Mantra investors dumped the OM token pre-crash, the Mantra CEO also denied allegations that the Mantra team controls 90% of the token’s supply.“I think it’s baseless.
Related: Mantra bounces 200% after OM price crash but poses LUNA-like ‘big scandal’ riskAccording to Mullin, the fund does not solely consist of Mantra’s OM token and has “dollar commitments and dollar contributions.”Investors in Mantra’s $109-million fund.
End of the staking program on BinanceIn the AMA, the Mantra CEO also said that a 38-million-OM transaction to the Binance cold wallet on April 14 is related to a staking program on Binance.“It was actually Binance,” Mullin said, adding that Binance had OM tokens on its exchange that it was using as a staking program.
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