JP Mullin Addresses Losses, Vows Transparency and Ecosystem Development Ahead

Mantra’s CEO, JP Mullin, responded to the community in a blog post, discussing what led to the large-scale emergence of significant losses among many of its users. Mullin said he understands the frustration and distress associated with such losses. He emphasised that the issue of trust is crucial to MANTRA and that he and his team are committed to rebuilding it.

Mullin sought to reassure investors that everything possible is being done to find out the truth. The team is looking at what happened and how to prevent it from happening again. He expressed that additional efforts are needed regarding transparency, team commitment, and the decentralization of Mantra Chain.

Mullin’s Upcoming Plan

Mullin outlined his plans for the coming week, including attending TOKEN2049 in Dubai, where he will deliver a public update on MANTRA’s next steps. The update will cover new ecosystem developments, enhanced governance platforms, and ways to protect investors.

Next week @jp_mullin888 will join @HenriArslanian on stage for “Real World Accountability: A Candid Conversation with MANTRA’s JP Mullin” @token2049 Dubai. Until then, you can read his CEO statement below.

📅 1PM, Wednesday 30 April
📍KuCoin Stagehttps://t.co/G5Tu2diHKY

— MANTRA | Tokenizing RWAs (@MANTRA_Chain) April 25, 2025

One of the most significant components will be the burning of OM holdings, as Mullin had previously vowed to do. This process will demonstrate a strong commitment to restoring trust among the community. Burning these tokens will enhance the credibility of the MANTRA ecosystem and reaffirm the team’s dedication to its long-term vision.

Mullin also urged the rest of the cryptocurrency industry to join forces in safeguarding investors from liquidation incidents. He explained the difficulty the community has faced in achieving equality and vowed to continue the fight for further improvements.

The CEO expressed that delivering such news was both humbling and saddening. He reassured everyone that the team would focus on overhauling the necessary areas to make meaningful progress. Mullin also acknowledged the efforts being put in by the team to address the issue.

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