Tensions between blockchain platform Mantra and the crypto exchange OKX escalated sharply this week after Mantra CEO John Patrick Mullin accused the exchange of publishing “incorrect and misleading” information about the project’s upcoming token migration.
In a strongly worded statement posted on X, Mullin urged OM holders on the exchange to withdraw their tokens immediately and complete migration independently through official Mantra channels.
Mantra Accuses OKX of Publishing “False” OM Migration Dates
The conflict surfaced on Monday after OKX released an announcement outlining its support for the OM migration, including a detailed schedule that placed the conversion window between December 22 and December 25, 2025.
The exchange said it planned to delist OM spot pairs, halt deposits and withdrawals, conduct an account snapshot, and process the conversion at a 1:4 ratio in line with what it described as Mantra’s Proposal 17 and Proposal 26.
OKX also said it would suspend futures, margin trading, and related services ahead of the migration.
Mullin disputed nearly every part of OKX’s timeline. He said the exchange had published dates that were “technically impossible.
He added that official governance documents state the migration can only begin after the ERC-20 OM token is fully deprecated on January 15, 2026.
According to him, this makes any December 2025 migration window unworkable.
He also argued that the exchange had rearranged the intended process by placing the token split ahead of deprecation, reversing the sequence outlined in Proposal 26.
He described the exchange’s timeline as “arbitrary,” noting that no final launch date has been announced because it depends on a pending technical review.
The CEO said the publication of what he called “demonstrably false information” raises concerns about negligence or possible malicious intent.
He added that OKX has not communicated with Mantra since April 13, the date of OM’s extreme market collapse that saw the token fall more than 90% in a single day.
He argued that the communication breakdown has now resulted in market confusion during a period in which other exchanges have coordinated closely with Mantra on migration details.
After $6B Collapse, OM Holders Face New Uncertainty Amid Exchange Frictions
The April collapse, which erased more than $6 billion from OM’s market capitalization within 24 hours, continues to cast a long shadow over the project.
Some traders described the crash as a rug pull, though Mantra denied wrongdoing and blamed the event on sudden liquidations during low-liquidity weekend trading.
A later post-mortem attributed the crash partly to aggressive leverage policies on centralized exchanges and said the incident exposed wider structural risks in the industry.
In its response at the time, the project pledged more transparency, reduced internal validator control, and a 150 million OM token burn by Mullin himself.
Since then, several exchanges have taken action around the token. INDODAX delisted OM during the initial shift away from ERC-20.
Meanwhile, Binance temporarily suspended OM deposits and withdrawals during network upgrades before relisting the redenominated MANTRA token.
Other platforms paused trading as part of broader migration adjustments.
In the same period, OKX removed multiple unrelated assets, such as BAL, PERP, FLM, PSTAKE, CLV, and RACA, because of low activity or listing-criteria issues, a trend that has raised wider questions about the exchange’s handling of assets undergoing structural changes.
The current dispute has left many OM holders trying to determine the safest migration path.
Mullin called on users to avoid depending on OKX during this phase and to maintain direct custody to ensure they do not act on incorrect timelines.
He said Mantra will continue coordinating with all other major exchanges and will support retail holders through the transition.
OKX, for its part, has indicated that its schedule may face delays due to coordination requirements, but it has not publicly addressed Mullin’s accusations or clarified its interpretation of the governance proposals.
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