Catenaa, Sunday, April 20, 2025-MANTRA token regained some ground Tuesday after losing more than 90% of its value over the weekend, as co-founder John Patrick Mullin pledged transparency and recovery efforts.
The token climbed roughly 37% to $0.82 as of late afternoon trading, a modest rebound following Sunday’s plunge from about $6.30 to $0.52. The sudden collapse raised alarms across the crypto market, fueling speculation of insider manipulation and investor flight.
In a statement posted on X, Mullin promised a “post-mortem report” within 24 hours, aiming to clarify the events that led to the crash. “We believe the truth is on our side,” he said, citing on- and off-chain data as evidence.
On Sunday, MANTRA attributed the drop to “reckless liquidations,” dismissing allegations of internal misconduct. Those concerns were further stoked by earlier claims that MANTRA controlled large portions of its token supply, accusations Mullin denied.
Nomura’s Laser Digital, a 2024 backer of the project, stepped in Monday to dispute reports of mass withdrawals or selloffs by institutional investors.
Mullin also revealed that a token buyback and supply burn program will be announced following the release of the post-mortem report. He said the initiatives are meant to “reinstall trust” in the $OM token and signal MANTRA’s long-term commitment to the market.
The token’s partial recovery offers brief relief to holders, but scrutiny remains high as the project attempts to restore confidence following one of the sharpest drops in recent DeFi memory.
