Mantra's CEO, JP Mullin, Responded to the Community in a Blog Post

input: Mantra’s CEO, JP Mullin, responded to the community in a blog post, discussing what led to the large-scale emergence of significant losses

Mantra Chain's CEO, JP Mullin, took to the community to discuss the large-scale emergence of substantial losses among many users. Mullin acknowledged the frustration and distress associated with such losses and emphasized the importance of the trust factor in the aftermath.

The issue of trust is crucial to MANTRA, and Mullin and his team are fully committed to rebuilding it.

Investors are assured that everything possible is being done to get to the truth. The team is looking at what happened and how to prevent it from happening again. Additional efforts are needed regarding transparency, team commitment, and the decentralization of Mantra Chain.

In the coming week, Mullin will be attending TOKEN2049 in Dubai, where he will deliver a public update on MANTRA's next steps. The update will focus on new ecosystem developments, enhanced governance platforms, and ways to protect investors.

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.

“The entire crypto industry must come together to better protect investors from liquidation events. We, the community, have faced an uphill battle to achieve equality, and we will continue to fight for more improvements.”

The CEO expressed that delivering such news was both humbling and saddening.

Everyone can be assured that the team will 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.