Mantra Bounces 60% Following Recent Crash

Mantra, a Layer 1 (L1) blockchain focused on real-world assets, is bouncing back after its native OM token suddenly plunged by over 90% on Sunday, in what the team called “reckless forced closures initiated by centralized exchanges on OM account holders.”

According to Coingecko data, OM is up by over 60% in the past 24 hours, but remains 85% below pre-incident levels.

The rebound is likely due to the Mantra team’s token recovery plan, which CEO John Mullin said involves a token buyback program and potential token supply burns in an April 14 Ask Me Anything (AMA) session with Cointelegraph.

In a follow-up X post on Apr. 15, Mullin said that Mantra would release a report detailing the events of the OM token incident within 24 hours. All of this, Mullin claims, will hopefully “reinstall trust in the market and show our commitment to $OM/MANTRA in the long term.”

During the AMA session, Mullin assured users that the OM token recovery was the team's primary concern and dismissed rumors of insider trading and token dumping. Mulin said that these accusations were “baseless” as Mantra “posted a community transparency report last week, showing all the different wallets.”