MANTRA, a decentralized finance platform, recently notified its users of a mandatory upgrade and a 1:4 token split scheduled for March 3rd. The
OM token, prior to the split and upgrade, plunged more than 90% in a shocking market turn, igniting rumors of fraud and causing a stir in the cryptocurrency space. The token's price soared after a key upgrade and rebrand of the platform which was a revamped response to the initial crash.
Nevertheless, the
exchange suspensions along with ongoing litigations, have caused increased uncertainty about MANTRA's future. Despite harsh critiques, MANTRA remains determined to rehabilitate its image, announcing strategic buybacks, strategic token migration, and an additional funding commitment of $25,000,000. Despite a slight rebound in the token price, the OM-coin remained roughly 99% below its peak.
Amid outcry from investors and several layoffs within the company, MANTRA's founder vowed to burn $80M of his own tokens in an attempt to regain trust while initiating a comprehensive burn program following the dramatic plunge. The CEO denied any insider selling and outlined an ambitious recovery plan. The CEO has also warned token holders of 'inaccurate' migration plan and urged withdrawal from OKX.
However, analysts are still cautious about the token's potential for recovery. Criticisms and legal disputes, mainly over the alleged misleading of OM holders during the migration process, continues to plague the company. To counter the blowback, MANTRA proposed a burn of 300 million team tokens to win back trust in its ecosystem.
MANTRA Token News Analytics from Sun, 13 Apr 2025 07:00:00 GMT to Sun, 01 Mar 2026 16:35:03 GMT -
Rating -6
- Innovation -4
- Information 7
- Rumor -3
