At a Glance
- MANTRA is cutting staff across business development, marketing, HR, and support teams
- The layoffs follow an April 2025 crash that wiped 90% off the OM token in one day
- CEO John Patrick Mullin says the firm must become “significantly leaner” to survive
- Why it matters: The RWA-focused Layer 1 is shrinking to preserve runway after aggressive 2024 expansion
MANTRA is laying off employees company-wide after what its CEO calls “the most challenging year” in the firm’s history. The real-world asset blockchain, which had grown rapidly through 2024 and early 2025, is now reversing course to cut costs and extend runway.
Mass Layoffs Across Teams
John Patrick Mullin, founder and CEO, announced the headcount reduction in a post on X. He said the decision affects multiple divisions, with business development, marketing, human resources, and other support functions among the hardest hit.
The move came after months of internal review. Management tried trimming expenses and streamlining operations, but those steps failed to match near-term market conditions. Mullin stressed that the cuts reflect business needs, not individual performance, calling those affected “talented contributors who helped build the ecosystem.”
From Expansion to Contraction
MANTRA had pursued aggressive growth throughout 2024 and into Q1 2025. The company poured resources into:
- Blockchain infrastructure upgrades
- Ecosystem development grants
- Go-to-market campaigns targeting RWA tokenization
The strategy shifted when a prolonged crypto downturn, fierce competition, and what Mullin labeled “unfortunate and unfair” events in April 2025 left the firm with an unsustainable cost base. Leadership concluded deeper reductions were the only way to keep the project alive.
April Token Collapse
The crisis crystallized on a single day in April 2025 when OM lost almost 90% of its value. The flash crash triggered mass liquidations and panic among holders. In response, Mullin pledged to burn the team’s allocation of 300 million OM tokens. The burn was completed in late April, shrinking circulating supply and lowering staking ratios in an effort to restore confidence amid allegations of insider activity and governance flaws.
Accountability and Next Steps
Mullin accepted full responsibility for the restructuring. “I take full accountability for these decisions and for the path that led us here,” he wrote. “I know this is an incredibly challenging situation, particularly for those directly impacted, for their families, and for everyone at MANTRA. I’m especially sorry to those leaving us.”
Going forward, the company will channel remaining resources into a narrower set of high-priority initiatives while striving for stricter execution discipline. The goal, Mullin said, is to make MANTRA “significantly leaner” and ensure long-term viability in the competitive RWA sector.
