- Mantra CEO urges OM holders on OKX to withdraw tokens amid a dispute over migration dates and process discrepancies.
- OKX’s proposed December 2025 migration timeline conflicts with Mantra’s governance documents, according to CEO Mullin.
- The OM token’s April 2023 collapse continues to affect migration efforts, with exchanges taking varied actions on the transition.
Tensions have escalated between Mantra and OKX after Mantra’s CEO, John Patrick Mullin, accused the exchange of spreading misleading information. Mullin warned OM token holders on OKX to withdraw their tokens immediately, urging them to complete the migration through official Mantra channels. This conflict stems from OKX’s announcement of the upcoming token migration, which Mullin claims is incorrect.
Mantra Accuses OKX of Publishing “False” OM Migration Dates
The dispute started when OKX released a migration schedule for OM tokens, stating the conversion would occur between December 22 and December 25, 2025. OKX outlined a plan to delist OM spot pairs, halt deposits and withdrawals, and conduct an account snapshot. The exchange also indicated it would process the conversion at a 1:4 ratio, in accordance with Mantra’s Proposal 17 and Proposal 26.
However, Mullin disagreed with the timeline, describing it as “technically impossible.” He pointed out that the governance documents specify that the migration can only begin after the ERC-20 OM token is fully deprecated on January 15, 2026. Mullin also criticized OKX for reversing the intended token migration process, as stated in Proposal 26, and called the exchange’s timeline arbitrary.
Mullin emphasized that no final launch date has been set, as it depends on the completion of a technical review. The CEO expressed concerns over what he described as “demonstrably false information” and questioned whether the move was negligent or malicious. He also noted that OKX had not communicated with Mantra since April 13, 2023, following OM’s market collapse.
OM Holders Face Uncertainty Amid $6B Collapse and Exchange Friction
The April 2023 collapse of OM continues to affect its holders, with the token losing over $6 billion in market value in a single day. While some traders referred to the event as a rug pull, Mantra denied any wrongdoing, attributing the collapse to sudden liquidations in low-liquidity weekend trading. A subsequent post-mortem revealed that aggressive leverage policies on centralized exchanges contributed to the crash.
Since then, several exchanges have taken steps to address OM’s migration. INDODAX delisted OM during the shift away from ERC-20 tokens. 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. Meanwhile, OKX had removed several unrelated assets, such as BAL, PERP, FLM, and others, citing low activity or listing issues.
This trend raised concerns about how the exchange handles assets undergoing structural changes. The latest dispute over OM has left many holders uncertain about the safest path for migration. Mullin has urged OM holders to take control of their tokens and avoid relying on OKX during this phase. He reassured users that Mantra is coordinating with other major exchanges to facilitate a smoother transition. OKX, for its part, has indicated that its migration schedule may face delays due to coordination requirements, but it has not addressed Mullin’s accusations directly.
