- The co-founder of MANTRA DAO has hit back at allegations that the project is a “fraud”
- A Chinese crypto reporter questioned the team and the project on Twitter following a Binance listing yesterday
- John Mullin called the allegations “FUD” and said that the same people were responsible for the same allegations at launch last year
The co-founder of MANTRA DAO has hit back at allegations labeling it a “fraud project” which arose yesterday as the project was listed by Binance. Chinese blockchain journalist Wu Blockchain accused the MANTRA DAO team of having “a history of fraudulent ICOs”, but Mullin dismissed these concerns, saying it was nothing but “the same FUD and narrative being played again (by the same individuals) who fudded us the last time”.
Reputation and History of MANTRA DAO Team Questioned
Binance announced yesterday that it would list OM, the MANTRA DAO token, but while holders were celebrating a 50% price boost, not everyone was as jubilant, with well known Chinese crypto reporter and researcher Wu Blockchain alleging that many in the Chinese crypto community consider the project to be fraudulent due to the reputation and the history of the team:
Binance announced the launch of the fraud project MANTRA DAO (OM), which aroused surprises and accusations from Chinese community leaders. The founder of the project opened a casino, and most of the team has a background in fraudulent ICOs. https://t.co/j7LKt9wuhP pic.twitter.com/YzZ3vk0IoO
— Wu Blockchain (@WuBlockchain) March 8, 2021
Calling MANTRA DAO a “fraud project”, Wu Blockchain added that Binance’s listing of the OM token “aroused surprises and accusations from Chinese community leaders” and even called into question the Binance listing standards:
“There are some opinions in the Chinese community that as long as you agree to use Binance Smart Chain or Polkadot, Binance will significantly lower the listing standards, and some fraudulent projects will appear. Especially the Polkadot chain is full of fraud projects from China.”
Co-founder Hits Back At Allegations
In response to the allegations, MANTRA DAO Co-Founder, JP Mullin told FullyCrypto that it was “interesting to see the same FUD and narrative being played again (by the same individuals) who fudded us the last time right after our launch.” Mullin added that the suggestions at the time were that “we had no tech, no devs, and couldn’t build” but that they have now put those to bed:
We’ve launched multiple working products, are in the Parity Substrate Builders Program, have over $50M in TVL, $120M worth of assets staked to our validator nodes, and nearly 50% of the token supply locked in our staking contracts. We’re on the verge of launching our own launchpad with several upcoming IDOs, and are even working on a regulated version of several of our products.
Mullin added that he wasn’t taking the allegations seriously, adding “we’ve been through this exact same thing before, with quite literally the same people, so I’m not too worried. We will keep doing what we do best, buidl [SIC].”
The MANTRA DAO team will hope to banish all such suggestions of impropriety as they aim to be one of the top projects in the Polkadot ecosystem.
Wu Blockchain did not reply to FullyCrypto’s request for further information on his claims.
