MANTRA CEO "Did Not Sell a Single OM"… First Official Statement on 90% Plunge

Minseung Kang

Summary

The CEO John Mullin stated that the 90% plunge in MANTRA's OM token was due to illegal margin calls leading to forced liquidation.
CEO Mullin emphasized that the sharp decline in OM was due to forced position unwinding, not hacking, and that no one sold.
CEO Mullin vowed to take full responsibility and recover, having experienced significant drops in the past, and pledged to regain investor trust.

As the OM token of the real-world asset (RWA) based project MANTRA recently plummeted nearly 90%, John Mullin, the CEO of MANTRA, has made his first official statement.

According to industry sources on the 14th, CEO Mullin stated in a keynote speech at the 'BTCON RWA SUMMIT 2025' held at the FKI Tower in Yeouido, Seoul, "The sharp decline in OM last night was due to illegal and unfair margin calls leading to forced liquidation," and "Neither I, my team, investors, nor partners have sold any OM."

Earlier that dawn, the price of the OM token plunged from about $6.3 to $0.4 within an hour. This equates to a market cap evaporation of approximately 8 trillion won. It is also evaluated as the largest drop since the Terra·Luna incident in 2022.

CEO Mullin explained, "After reviewing the on-chain records following the incident, it was not a hack or exploit," and "Some accounts within major exchanges were unwound without prior notice during the leverage position liquidation process, leading to a chain of margin calls and a sharp decline."

He continued, "This situation is a chaotic one that we did not anticipate at all," and "However, we have survived price drops of over 90% in the past. We will recover this time as well, and we will take full responsibility and respond to minimize the damage to token holders."

He also added, "We will never run away," and "If there are any wrongs, we will correct them and transparently share the situation with all communities and media. We will take strong action."