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Mantra CEO: OM token recovery is top priority

Internet reports that Mantra CEO John Mullin responded to community concerns after the collapse of OM tokens. He assured that Mantra and its partners were promoting the recovery of OM tokens, but details of the repurchase and destruction were still being worked out. "We are still in the early stages of developing a potential token repurchase program," he said. In addition, Mullin said OM token restoration is Mantra's top priority. He denied allegations that major investors were selling OM tokens and that the team controlled 90% of the token supply, emphasizing that the allegations were groundless, and mentioned that a community transparency report had been released. Mullin mentioned that "the largest holder of OM on the exchange is Binance" and guided the public to view Etherscan records. However, currently the largest holder of OM wallets is crypto exchange OKX, which holds 14% of the circulating supply, or approximately 130 million coins. Mullin also introduced the $109 million Mantra Ecosystem Fund (MEF), which works with strategic investors, saying the fund contains "dollar commitments and contributions" and will continue to invest in supporting the ecosystem. "As part of our recovery plan, we will continue to invest in and support the ecosystem," he said. In addition, he revealed that the 38 million OMs transferred to Binan Cold Wallet on April 14 were related to a pledge plan of Binan, and Binan returned the tokens due to the end of the plan. He also pointed out that many of the transactions that triggered a community reaction after the crash involved collateral on an unnamed exchange."For some reason, the exchange decided not to maintain the position, so the exchange that received the collateral took over the positions and started selling, triggering a series of selling pressures and forcing more positions to be liquidated."

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