- MANTRA CEO John Patrick Mullin thanked partners, investors, and Web3 community for support.
- The firm remains committed to long-term goals despite market turbulence and losses.
- Post-mortem report, OM token buyback, and supply burn planned to restore trust.
After weathering one of its toughest market shocks, MANTRA is showing signs of recovery. In an X post on Tuesday, John Patrick Mullin, the CEO and co-founder of MANTRA, expressed his gratitude to his partners, investors, friends, and the Web3 community for the robust support the firm had received in 36 hours. Notably, the company had faced critical challenges in the market but succeeded due to the support.
The market turbulence originated from mandatory liquidation procedures affecting major OM token holders. Many cryptocurrency traders suffered significant financial losses following an important event on an exchange platform. Mullin declared that MANTRA is dedicated to its current and future targets while facing challenges. Further, he emphasized the company’s resilience through various market cycles and plans to maintain its growth trajectory in every economic condition.
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Support for OM Traders
Mullin acknowledged the challenges faced by the traders and expressed sincere sympathy to those affected and further instructed his team members to support users at this crucial stage and help them in mitigating the challenges.
In addition to addressing traders, Mullin thanked MANTRA’s long-term investors, especially Shorooq & Laser Digital. Notably, the investors had been a major part of the firm as they had been present since its inception. Mullin praised their transparency and communication, which have been invaluable during the crisis.
Plans for Market Recovery
Taking the next step, Mullin stated that MANTRA’s recovery plan would include teh release of a detailed investigative report, which will address the issues and recover market confidence. The company will create both OM token buyback procedures and supply reduction programs, rebuilding user trust while establishing sustainable expansion for the token and the whole MANTRA initiative.
Expressing appreciation for the MANTRA team’s extraordinary commitment and hard work, Mullin stated that working together is the key to solving present-day problems. He added that the team’s accomplishments over the past few days had reflected exceptional strength.
According to Mullin, the company remains committed to clear and direct communication in its forward direction. Further, Mullin stated that his company would disclose accurate and timely information regarding the situation to the community without delay. The official updates will reach the community through validated channels. Mullin also requested users to be cautious and not to believe unverifiable information.
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