The mantra CEO says that the “main concern” of Token's recovery of OM but in the early stages

The mantra CEO, John Mullin, approached the key concerns of the community after the strong decrease in OM token during an Ask Me Anything (AMA) session organized by Cointelegraph on April 14.

Mullin <a target="_blank" data-ct-non-breakable="null" href="https://x.com/i/broadcasts/1YqxooZloVMxv%20″ rel=”nofollow noopener” target=”_blank” text=”null” title=”https://x.com/i/broadcasts/1YqxooZloVMxv%20″>don't worry The users that Mantra and their partners are actively working to support the recovery of the Token Mantra (OM), although he pointed out that details about tokens repurchases and potential burns are still developing.

“We are still in the early stages of assembling this plan for the potential repurchase of the tokens,” said the CEO, added that the recovery of Token of OM is the “preeminent and main mantra concern at this time.”

At the time of writing this article, OM quoted at $ 0.73, slightly higher than its minimum after the collapse of $ 0.52 registered on April 13 around 7:30 pm UTC according to Coingcko data.

“Allegations without foundation”

In addition to denying the reports that claimed that the key investors of the mantra threw the pre-crash of Om Token, the CEO of the mantra also denied the accusations that the mantra team controls 90% of the supply of the Token.

“I think it has no basis. We publish a transparency report of the community last week, and shows all the different wallets,” said Mullin, highlighting the “two sides” of Mantra's tokenomics.

“You have the ethereum side and you have the main side,” Mullin said, adding that the ethereum headquarters is limited and has existed since August 2020.

“The largest head of OM at Exchange is Binance,” Mullin continued, referring to Etherscan Archives.

However, the superior OM wallet is currently in the possession of crypto Exchange OKX, which controls 14% of the circulating supply, or approximately 130 million tokens.

What follows for the MEF fund of $ 109 million mantra?

Mullin also addressed Ecosystem Fund (MEF), a $ 109 million fund launched on April 7 in collaboration with its main strategic investors, including Laser Digital and Shorooq.

Other investors in the fund also included Brevan Howard Digital, Capital Value, Three Point Capital, Amber Group, Manzold, Uob Venture, Damac, FUSE, LVNA Capital, Forte and others.

Related: Mantra bounces in 200% after OM Price clash, but raises the risk of 'great scandal' similar to moon

According to Mullin, the fund does not consist only of the Mantra token and has “dollars and dollars commitments and contributions.”

“We will continue to invest and support the ecosystem as part of this recovery plan,” the CEO said.

End of Binance stagnation program

On La Ama, the mantra CEO also said that a transaction of 38 million feeders to the cold wallet of the Binance on April 14 is related to a Binance Retray program.

“It was actually Binance,” Mullin said, added that Binance had tokens om in his exchange he was using as a rethinking program.

“Then, they simply returned them because the rethinking program ended,” he said.

Mullin also emphasized that many of the transactions that captured the reactions of the community after the crash involved collateral for an unidentified exchange.

“Indeed, those tokens were being used as a guarantee in an exchange. Then, the exchange decided that it was no longer the position they wanted to maintain, for any reason,” said Mullin, added:

“Then, what happened was basically that the positions were taken by the exchange that the guarantee took and began to sell, which caused a sales waterfall and forced more liquidations.”

Mullin said Mantra remains committed to addressing the situation in the most transparent way possible.

“We are not fleeing anything,” he said, adding that the incident was a “very unfortunate situation.”

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