Investor Confidence and $45 Million Total Commitment

This buyback announcement comes shortly after Inveniam’s $20 million investment in MANTRA. Together, these developments bring the total commitment to $45 million, highlighting institutional confidence in both MANTRA’s vision and the long-term value of the OM token.

Strategic Importance of the Buyback

MANTRA CEO and Co-founder John Patrick Mullin had previously revealed plans for a strategic token buyback back in April 2025. The newly launched program fulfills that promise. Tokens purchased during the process will be withdrawn from exchanges, migrated to the MANTRA Chain mainnet, and staked with the validator set. This approach reduces token supply while reinforcing utility within the ecosystem.

Transparency and Community Updates

MANTRA emphasized that the buyback will be conducted with full transparency. Regular updates will be shared via the project’s official X account, while wallets holding the repurchased and staked OM tokens will be publicly listed on the token dashboard.

Market Impact

At current prices, the buyback represents around 110 million OM tokens — approximately 10% of the circulating supply. This reduction could have a meaningful impact on supply dynamics, potentially creating upward momentum for the token’s price.

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On Sunday, April 13, the OM token plunged over 90% from around $6.30 to below $0.50, sparking widespread market manipulation allegations among investors.

Low Liquidity and Suspicious Wallet Movements

Chen explained on Cointelegraph’s Chainreaction show that such crashes stem from high concentration of token holdings, opaque governance, and massive exchange inflows/outflows, especially during low-liquidity hours on weekends.

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Data from Lookonchain shows that 17 wallets, including at least two connected to Mantra investor Laser Digital, transferred 43.6 million OM tokens (worth ~$227 million) to centralized exchanges just before the crash — fueling insider dumping suspicions.

Mantra CEO Responds

Mantra CEO John Mullin denied that the token sales came from the team, attributing the crash to forced liquidations on centralized exchanges, possibly OKX, but confirmed the team was still investigating the full details.

Chen added that the on-chain data provided “a very strong signal of insider dumping,” with millions of tokens sent to exchanges in a short time frame.

Even Bitcoin (BTC) has seen similar weekend-driven volatility, with a sharp drop under $75,000 on April 6, attributed to weekend de-risking activity amid global tensions.

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Many investors on social media likened the collapse to the LUNA and FTX crises, calling it a potential rug pull. After a wave of speculation, the Mantra team finally broke its silence.

Mantra Team: “This Was Not Us”

In an official statement, Mantra tried to reassure its community:

“Today’s price action was triggered by reckless liquidations unrelated to the project. We want to be clear: this was not our team. We are investigating and will share more details as soon as possible.”

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Mantra’s CEO also made a statement:

“Guys, I just woke up and I’m trying to figure out what happened. A major OM investor’s position was massively liquidated on an exchange. We’re still sorting out the details, but we’re here and working on solving the issue. Thanks for your understanding.”

Massive Tokenization Projects in the Middle East

Ironically, the OM token crash came shortly after Mantra’s announcement of a $1 billion tokenization deal in January 2025. The agreement with Dubai-based DAMAC included real estate, data centers, and other physical assets to be tokenized on the Mantra blockchain.

Mantra also obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.

This license allows Mantra to legally operate in the United Arab Emirates, offering crypto exchange, brokerage, management, and consulting services.

Why Did OM Crash?

Mantra co-founder Patrick Mullin said the crash was triggered by the liquidation of a large investor’s position on an undisclosed exchange. However, details such as the exchange’s name, the identity of the investor, or the trade volume have not yet been clarified.

While the team continues to investigate the chain of events, investors are growing concerned about the sustainability of the Mantra ecosystem.

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