Tensions between blockchain platform Mantra and the crypto alternate OKX escalated sharply this week after Mantra CEO John Patrick Mullin accused the alternate of publishing “incorrect and deceptive” details about the challenge’s upcoming token migration.
In a strongly worded assertion posted on X, Mullin urged OM holders on the alternate to withdraw their tokens instantly and full migration independently by way of official Mantra channels.
On December 5, 2025, OKX printed a press release entitled “OKX to help OM crypto migration”. This assertion contained a number of factual errors and misrepresentations not current in official MANTRA governance proposals. We’re extremely involved by this improvement, which exhibits…
— JP Mullin (
,
) (@jp_mullin888) December 8, 2025
Mantra Accuses OKX of Publishing “False” OM Migration Dates
The battle surfaced on Monday after OKX launched an announcement outlining its help for the OM migration, together with an in depth schedule that positioned the conversion window between December 22 and December 25, 2025.
The alternate stated it deliberate to delist OM spot pairs, halt deposits and withdrawals, conduct an account snapshot, and course of the conversion at a 1:4 ratio according to what it described as Mantra’s Proposal 17 and Proposal 26.
OKX additionally stated it might droop futures, margin buying and selling, and associated companies forward of the migration.
Mullin disputed almost each a part of OKX’s timeline. He stated the alternate had printed dates that have been “technically unattainable.
He added that official governance paperwork state the migration can solely start after the ERC-20 OM token is totally deprecated on January 15, 2026.
In line with him, this makes any December 2025 migration window unworkable.
He additionally argued that the alternate had rearranged the supposed course of by inserting the token cut up forward of deprecation, reversing the sequence outlined in Proposal 26.
He described the alternate’s timeline as “arbitrary,” noting that no closing launch date has been introduced as a result of it will depend on a pending technical evaluation.
The CEO stated the publication of what he known as “demonstrably false data” raises considerations about negligence or doable malicious intent.
He added that OKX has not communicated with Mantra since April 13, the date of OM’s excessive market collapse that noticed the token fall greater than 90% in a single day.
Mantra misplaced 90% of its worth in only one hour — $6B gone. No hack, no clear cause. Simply “liquidations,” staff silence, and massive pockets strikes. What actually occurred, and which pink flags did traders ignore?https://t.co/2HeL1ZiMhG
— Cryptonews.com (@cryptonews) April 14, 2025
He argued that the communication breakdown has now resulted in market confusion throughout a interval during which different exchanges have coordinated carefully with Mantra on migration particulars.
After $6B Collapse, OM Holders Face New Uncertainty Amid Alternate Frictions
The April collapse, which erased greater than $6 billion from OM’s market capitalization inside 24 hours, continues to forged an extended shadow over the challenge.
Some merchants described the crash as a rug pull, although Mantra denied wrongdoing and blamed the occasion on sudden liquidations throughout low-liquidity weekend buying and selling.
A later autopsy attributed the crash partly to aggressive leverage insurance policies on centralized exchanges and stated the incident uncovered wider structural dangers within the trade.
In its response on the time, the challenge pledged extra transparency, diminished inner validator management, and a 150 million OM token burn by Mullin himself.
Since then, a number of exchanges have taken motion across the token. INDODAX delisted OM through the preliminary shift away from ERC-20.
In the meantime, Binance quickly suspended OM deposits and withdrawals throughout community upgrades earlier than relisting the redenominated MANTRA token.
Different platforms paused buying and selling as a part of broader migration changes.
In the identical interval, OKX eliminated a number of unrelated property, reminiscent of BAL, PERP, FLM, PSTAKE, CLV, and RACA, due to low exercise or listing-criteria points, a development that has raised wider questions in regards to the alternate’s dealing with of property present process structural modifications.
The present dispute has left many OM holders attempting to find out the most secure migration path.
Mullin known as on customers to keep away from relying on OKX throughout this part and to keep up direct custody to make sure they don’t act on incorrect timelines.
He stated Mantra will proceed coordinating with all different main exchanges and can help retail holders by way of the transition.
OKX, for its half, has indicated that its schedule might face delays as a consequence of coordination necessities, nevertheless it has not publicly addressed Mullin’s accusations or clarified its interpretation of the governance proposals.
The put up Mantra CEO Points Pressing Warning: “Withdraw Your OM From OKX Now” – Migration Disaster Escalates appeared first on Cryptonews.