Mantra CEO plans to burn team’s tokens in bid to win community t
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Mantra CEO plans to burn team’s tokens in bid to win community trust
Mantra CEO John Mullin said he is planning to burn all of his team’s tokens in order to win back the trust of the network’s community following the sudden collapse of the Mantra (OM) token on April 13.
“I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back,” Mullin posted to X on April 16.
Mantra set aside 300 million OM, 16.88% of the token’s nearly 1.78 billion total supply, for its team and core contributors. They are currently locked and were scheduled to be released in stages between April 2027 and October 2029, according to an April 8 blog post.
Oregon targets Coinbase after SEC drops its federal lawsuit
Oregon Attorney General Dan Rayfield is planning a lawsuit against crypto exchange Coinbase, alleging the company is selling unregistered securities to residents of the US state, after the United States Securities and Exchange Commission’s (SEC) dropped its federal case against the exchange.
According to Coinbase’s chief legal officer, Paul Grewal, the lawsuit is an exact “copycat case” of SEC’s 2023 lawsuit against the exchange, which the federal agency agreed to drop in February. Grewal added:
“In case you think I’m jumping to conclusions, the attorney general’s office made it clear to us that they are literally picking up where the Gary Gensler SEC left off — seriously. This is exactly the opposite of what Americans should be focused on right now.”
TRUMP tokenholders face 90% decline from peak as unlock begins
TRUMP tokenholders face steep losses as the first vesting unlock goes live on April 18, releasing 40 million tokens, worth roughly $309 million, into circulation at a 90% discount from its peak.
The unlocked tokens account for 20% of the current circulating supply and could introduce fresh volatility as a previously illiquid portion of the supply hits the market. According to CoinGecko, the TRUMP token price has fluctuated between $7.46 and $7.83 in the past 24 hours.
April 18 marks the first unlock event for the TRUMP token, with steady, smaller unlocks following from that date.
Crypto rug pulls have slowed, but are now more devastating: DappRadar
There has been a 66% year-on-year decrease in the number of crypto rug pulls this year compared to 2024, but recent data shows the size of each rug pull has been increasing.
Rug pulls have dropped in frequency year-over-year, with early 2024 recording 21 separate incidents, compared to only seven so far in 2025, according to an April 16 report from blockchain analytics platform DappRadar.
However, since the beginning of 2025, the Web3 ecosystem has lost nearly $6 billion to rug pulls, according to DappRadar’s report. However, the report attributes 92% of that to Mantra’s OM token collapse, which the founders have strongly denied was a rug pull.
In comparison, during the same period in early 2024, three months into the year, total losses from rug pulls hit $90 million.
Sam Bankman-Fried’s latest California prison once housed Al Capone
Former FTX CEO Sam “SBF” Bankman-Fried has moved from a transit facility to a California prison that once housed infamous gangster Al Capone.
According to the Federal Bureau of Prisons website, officials moved Bankman-Fried from the Federal Transfer Center in Oklahoma City briefly to the Federal Correctional Institution in Victorville before transferring him to a facility in Terminal Island in Los Angeles, California.
The federal institution was once home to criminals like former Theranos chief operating officer Ramesh Balwani and Capone, who was convicted of tax evasion in 1931.
OpenAI is building ‘X-like social network’ to rival Elon Musk — Report
Large language model developer OpenAI is reportedly working on a new social media network, putting the company on a collision course with Elon Musk’s X and Mark Zuckerberg’s Meta Platforms.
Citing anonymous sources, The Verge reported on April 15 that OpenAI is developing an “X-like social network” that combines ChatGPT’s image generation tools and a social feed, presumably to allow users to share their AI-generated pictures with a broader audience.
It’s unclear whether OpenAI will spin out a new social media platform or roll the features into ChatGPT, the sources said.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $84,513, Ether (ETH) at $1,592 and XRP at $2.07. The total market cap is at $2.63 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Raydium (RAY) at 21.17%, Helium (HNT) at 17.43% and Core (CORE) at 13.14%.
The top three altcoin losers of the week are Mantra (OM) at 89.93%,…
cointelegraph.com