Mantra Explores OM Buy-Back and Supply Burn After Token Crash
Just days after the OM token collapsed by over 90%, John Patrick Mullin, CEO and Founder of Mantra, has broken his silence. In a statement shared on LinkedIn, Mullin revealed that the leadership team is actively exploring a buy-back program and supply burn to help restore investor confidence. This comes as OM attempts to stabilize between $0.80 and $1.10 following a sharp drop from $6.30 on April 13, 2025.
The crash wiped out nearly $5.5 billion in market capitalization, rattling the MENA blockchain scene where Mantra has emerged as a flagship RWA tokenization platform. Based in Dubai and licensed by VARA, Mantra is closely linked to major real estate tokenization projects with developers MAG and DAMAC.
Forced Liquidation, Not Team Dumping
Mullin attributed the crash to “a massive forced liquidation of a very large OM holder’s position on a crypto exchange,” emphasizing that the Mantra team itself did not sell any tokens. He acknowledged the losses many community members endured, stating: “Regardless of your scale of loss, you are very much on my mind and in the team’s thoughts.”
He also reaffirmed the support of Mantra’s institutional backers, including Shorooq Partners and Laser Digital, stating they had not engaged in any selling and remain committed to the long-term mission of regulated RWA tokenization.
Post-Mortem Incoming: Transparency Over Spin
Perhaps most notably, Mullin announced that Mantra will publish a full post-mortem within 24 hours, detailing what transpired in the early hours of Monday morning (APAC time). “This analysis will be as accurate and factual as we can possibly make it. It will not contain opinions or spin. We believe the truth is on our side, and it is in everyone’s interest to make it known and shared as widely as possible,” he said.
He also urged the community to only trust information from his personal account and official Mantra channels, warning against disinformation and FUD that often emerges in times of market volatility.
The commitment to transparency comes at a critical moment, as questions continue to swirl around centralized exchange activity, token supply clarity, and liquidity vulnerabilities that contributed to the sharp crash.
Regulatory Pause Expected, but Projects Remain in Motion
While Mantra’s VARA license remains in place and no official statement has been made by regulators, the incident is expected to prompt greater scrutiny from both VARA and the Dubai Land Department (DLD). It’s natural that momentum might slow as regulators and projects reassess, but industry observers believe the long-term vision for RWA tokenization remains intact.
Mantra’s real-world partnerships—$500 million in tokenized properties with MAG and an upcoming $1 billion DAMAC rollout—are still live, offering a foundation for recovery.
Looking Ahead
As the crypto community awaits Mantra’s detailed post-mortem, the potential buy-back and supply burn stand out as tangible responses to investor concerns. Whether these efforts will be enough to restore trust remains to be seen, but Mantra’s willingness to act swiftly and communicate openly sets it apart in a space often plagued by silence during crises. Unlock Blockchain will continue to monitor developments as Mantra moves from damage control to recovery and will be waiting the full statement within 24 hours.
