⇓ Mantra Fights Back After Turmoil Amid Allegations: A Focus on Recovering the OM Token Value
Mantra has had a tumultuous journey, with several reports of significant setbacks. Less than a year after the OM token plunged 90%, the company...
The cryptocurrency sector has witnessed a significant shakeup, with MANTRA taking center stage due to a critical adjustment in their ecosystem. Binance has shown support for MANTRA by facilitating the token swap, redenomination, and rebranding from OM (Old Mantra) to the revised MANTRA. The strategic rebranding aims at invigorating ecosystem growth, endorsed by a rise of 33% after MEXC also supported the swap. However, not all exchanges like OKX agreed with the migration plan causing public disagreements.
Notably, the transition hasn't been smooth as MANTRA underwent an intense restructuring phase, leading to staff reductions following a massive collapse in its OM token's value by 90%. In response to this, MANTRA's CEO initiated a substantial token burn to reassure investors. Nevertheless, allegations of fraudulent activities, reckless liquidations, and insider trading have arisen amid the chaos, leading to multiple ongoing litigations.
Despite the turbulence, MANTRA has made strategic moves, including a minimum funding commitment of $25 million to buy back OM tokens and an intent to burn 300M team tokens to restore trust. The elaborative restructuring process signposts MANTRA's resilience amid adversity and its commitment to its stakeholders.
MANTRA Token News Analytics from Sun, 13 Apr 2025 07:00:00 GMT to Sun, 15 Feb 2026 03:18:54 GMT - Rating -3 - Innovation 6 - Information 7 - Rumor -1
