MANTRA, the company behind a real-world asset-focused Layer 1 blockchain, announced mass layoffs across business development, marketing, human resources and other support functions as it restructures operations following what CEO John Patrick Mullin called the most challenging year in the firm's history.
What Happened: Layoffs at MANTRA
Mullin disclosed the staff reductions in a post on X, stating that months of internal deliberation preceded the decision.
The company had expanded aggressively throughout 2024 and into the first quarter of 2025, investing heavily in blockchain infrastructure, ecosystem development and go-to-market efforts within the RWA tokenization sector.
Those investments proved unsustainable.
A prolonged crypto market downturn, intense competition and what Mullin described as "unfortunate and unfair" events in Apr. 2025 forced management to conclude that deeper cuts were necessary to preserve runway.
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Why It Matters: Token Collapse Aftermath
The restructuring follows a catastrophic Apr. 2025 event when MANTRA's native token OM plummeted nearly 90% in a single day, triggering massive liquidations and investor panic.
Mullin responded by pledging to burn the team's 300 million OM tokens, a move executed in late April that permanently reduced circulating supply.
The burn aimed to restore trust amid scrutiny over alleged insider activity and governance concerns. Management now expects the leaner structure to allow concentration on high-priority initiatives while executing with greater discipline.
"I take full accountability for these decisions and for the path that led us here," Mullin said.
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