Mantra CEO Vows to Torch Own Tokens After OM Crash—Crypto Twitter Loses the Plot

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Right, so picture this: JP Mullin, CEO of Mantra (not to be confused with spiritual mantras, although this mess could definitely do with some deep breathing), valiantly dons the “heroic CEO” cape and declares he’ll set his ENTIRE 772,000 OM token stash on fire. 🔥 Yes, all of it. Allegedly to atone for OM’s Titanic-style dive, which wiped $5 billion off the decks and—tragically—ruined spa day for several crypto influencers.

After Mantra’s token did its impression of a bungee jump (minus the cord), dropping over 90% because of “insider whatever” and some wild Twitter speculation, JP dashed to the nearest keyboard. It all happened April 15th, probably because Mercury is in retrograde or something.

A (brave? naive?) community member suggested maybe, just perhaps, the team could delay their upcoming token unlocks. You know, like a “look how loyal we are” gesture. God bless diamond hands, but JP wasn’t having it—he whipped out his crystal ball and explained that team tokens aren’t even vesting till 2027. So, technically, even his dog doesn’t get a single OM snack until then.

The team’s token allocation only starts vesting in 2027 (which is basically the next ice age in crypto years).

I’m planning to burn all my team tokens and if we ever crawl out of this hole, the community and investors can vote me back in, American Idol-style. 🫡🕉️

— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 15, 2025

Obviously, this set off Twitter like someone had announced they were giving away free Bored Apes. Crypto Banter’s Ran Neuner piped up: burning your own incentive is a “mistake,” Ran said, in the sort of somber tone reserved for talking about people who don’t DCA. But Mullin clarified: “Chill, Ran, I’m only torching my stack, not the whole team’s.” He also floated the idea of letting the community babysit the tokens because apparently crypto needs more committees.

As receipts, Mullin posted a screenshot of his 772,081 OM chilling on Fluxtra. “100% staked,” he claimed, which is probably more than my commitment to gym memberships. For the wider team—not to worry, their 300 million OM is tucked tighter than a British GP’s smile until 2027. Meanwhile, CEO says the focus is “restoring value,” which in practice means scrambling for buybacks and considering token sacrifices to the DeFi gods.

To make things even juicier, YouTube’s resident crypto detective, Coffeezilla, dropped a highlight reel of his JP Mullin interrogation. Allegedly, the Mantra team sold $25–$45 million in tokens at a 30–50% garage sale discount (because why not), then bought back $5–$10 million’s worth later. Coffeezilla says that’s “pumping,” Mullin says it’s just… creative strategy. Tomato, tomahto.

interviewed the ceo of $OM after its -90% swan dive.
> $30-$45M sold OTC.
> $10M pumped back into $OM in 2024.
> CEO swears up and down this isn’t price manipulation.
> We agree to disagree (politely, sort of).
> Watch the carnage—er, interview—on YouTube.

— Coffeezilla (@coffeebreak_YT) April 15, 2025

Meanwhile, the April 15 crash now reads like a crypto horror story. Market depth? Sliced from $290 million to $473,000—call it “rug-pull chic.” $21 million in long positions liquidated on OKX, presumably along with, oh, everyone’s patience. And OM is still limping at $0.7479, down a breezy 88% this week alone. ✨

So, if you’re keeping score at home: CEO burning his own goodies for the greater good, crypto Twitter feuding, and everyone else left wondering if 2027 will ever arrive. Someone pass the Chardonnay.

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2025-04-16 07:15