Mantra, a decentralized finance project, is undergoing significant restructuring, resulting in an undisclosed number of job cuts, as announced by CEO John Patrick Mullin. The decision comes after what Mullin described as "the most challenging year" for the company, primarily due to a prolonged downturn in the cryptocurrency market and increased competition.
In his statement, Mullin expressed regret over the moves but emphasized that they were necessary to address the company’s unsustainable cost structure. He acknowledged the difficulties this decision presents for those impacted, their families, and the remaining team members.
“I take full responsibility for these decisions and for the path that led us here... I am particularly sorry for those who are leaving us,” Mullin stated.
The layoffs will specifically target business development, marketing, and human resources teams. This restructuring follows a dramatic drop in the value of the project's OM token, which plummeted by 90% in spring 2025, leading to a market capitalization decrease of $5.5 billion. This decline raised concerns within the community, with speculation about potential fraud, although Mullin attributed the drop to large-scale liquidations involving OM as collateral.
