MANTRA token rebounds slightly as co-founder promises ‘post-mortem’

After MANTRA’s token collapsed by more than 90% over the weekend, holders experienced a slight respite on Tuesday as the project’s co-founder promised the company would soon share a report detailing what went wrong.

MANTRA was changing hands at roughly $0.82 as of 4:17 p.m. EST, an increase of about 37% on the day. Earlier Tuesday, MANTRA’s price had risen by more than 50%.

The gain, however, offers minimal relief to holders who saw MANTRA’s price plummet on Sunday from about $6.3o to $0.52 in a matter of hours. The catastrophic drop sparked concerns of fraud.

Project co-founder John Patrick Mullin, who has been active on X in the aftermath, said early Tuesday that MANTRA would soon have answers.

“Within the next 24 hours, we’ll be sharing a post-mortem report detailing the events that transpired starting in the early hours of Monday morning (APAC),” he posted. “We believe the truth is on our side and will be found verifiably in the on and offchain data.”

On Sunday night, MANTRA said in a post to X that the drop “was triggered by reckless liquidations, not anything to do with the project.” The following day, Nomura’s Laser Digital, which backed MANTRA in 2024, discredited claims of massive deposits and investor selloffs.

MANTRA has previously been accused of controlling large portions of the token’s circulating supply, or “float,” in an attempt to manipulate its price. Mullin has denied the allegations in a post to X.

On Tuesday, Mullin also teased details of a token buyback.

“After this post-mortem report is released, we will share additional information on an $OM token buyback program as well as an $OM supply burn program to reinstall trust in the market and show our commitment to $OM/MANTRA in the long-term,” he said in his X post.