The recent sudden 90% drop in the price of mantras (OM) and a loss of market value of $5 billion have led to intense criticism of the development team due to the allegations of operation.
Mantra founder JP Mullin has issued a new statement about the incident.
JP Mullin has begun posting on social media by thanking the messages of support his team has received over the past 36 hours. “I want to express how grateful I am for the support the mantra team has received over the past 36 hours. This support comes from a segment of our Web3 community, including partners, investors, friends and many others,” he said.
Marine said that the mantra has experienced many market cycles in the past and continues to develop despite all the difficulties, and this process is no exception.
Mullin addressed OM investors and argued that the decline was primarily due to forced liquidation of large OM holder positions in cryptocurrency exchanges.
According to the statement, the Mantra Team will release a comprehensive “post-mortem” report within the next 24 hours to reveal details of the event.
Additionally, Mullin said OM’s buyback program and OM Supply Burn will take action.
However, it is unclear whether the mantra team knew of any suspected manipulation. Cryptocurrency detective ZACHXBT previously denounced the founder of Leaf, which was previously discontinued from Binance for operation.
Users should be aware of mantras that still have high volatility and allegations of fraud.
*This is not investment advice.
