Mantra CEO John Mullin announced plans to burn all of his team's tokens, amounting to 300 million OM tokens, which were previously locked up and scheduled for release between April 2027 and October 2029. The value of these tokens dropped from $1.89 billion to $236 million after the token plummeted from $6.30 to 52 cents on April 13. Mullin's pledge to burn the tokens was met with mixed reactions from the community, with some questioning the impact on team motivation. He also proposed a decentralized vote to decide on the token burn. Mullin plans to utilize the $109 million Mantra Ecosystem Fund for potential token buybacks and burns to stabilize OM's price. The token collapse was attributed to changes in OM's tokenomics in October 2024 and unusual volatility leading to high-volume liquidations on April 13. Multiple crypto exchanges, including OKX and Binance, experienced significant OM activity before the collapse. Mullin's company denied claims of controlling 90% of OM's token supply and engaging in insider trading.