TLDR
- Mantra CEO John Patrick Mullin accuses OKX of publishing false migration dates for the OM token.
- Mullin urges OM holders on OKX to withdraw their tokens, citing a technically impossible migration schedule.
- Official migration can only begin after January 15, 2026, according to Mantra government documents.
- OKX’s lack of communication since the market crash in April has led to confusion during the token migration.
- Mantra continues to coordinate with other exchanges while urging OM holders to avoid OKX during the transition.
Tensions between Mantra and crypto exchange OKX have risen following claims by Mantra CEO John Patrick Mullin of incorrect information regarding the OM token migration. Mullin urged OM holders on OKX to withdraw their tokens immediately. He claimed that the exchange’s migration dates were misleading and technically impossible.
Mantra accuses OKX of publishing incorrect OM migration dates
OKX recently announced its support for the OM token migration, stating that the conversion would take place between December 22 and 25, 2025. This schedule included stopping deposits and withdrawals, taking a snapshot, and processing the token conversion at a 1:4 ratio. However, Mullin disputed the dates and entire schedule via a post on X, calling them “demonstrably false.”
According to Mullin, the governance documents clearly state that the migration can only begin after January 15, 2026, when the ERC-20 OM token is completely obsolete. He highlighted that the proposed dates were not technically feasible and that OKX had altered the migration process. He also noted that the sequence posted by the exchange did not align with the plans outlined in Proposition 26.
Mullin expressed concern about possible negligence or malicious intent behind OKX’s actions. He added that OKX had not contacted Mantra since the market crash of April 13, 2025, in which the value of OM fell more than 90%. This breakdown in communication, he said, was the cause of market confusion during the migration phase.
OM Token Holders Face New Uncertainty Following $6 Billion Collapse
The OM token has faced continued challenges following its dramatic market crash in April 2025, when it lost more than $6 billion in a single day. Some traders believed the incident was a pull, but Mantra attributed it to sudden liquidations during low-liquidity weekend trading. A post-mortem investigation also pointed to the stock market’s aggressive leverage policies as a key factor behind the collapse.
Since the crash, several exchanges have taken action regarding the OM token. INDODAX delisted OM and Binance temporarily suspended OM deposits and withdrawals before relisting the updated MANTRA token. Other exchanges have halted operations as part of broader immigration adjustments. OKX has yet to directly address Mullin’s allegations.
While the exchange acknowledged the possibility of delays in the migration schedule, it has not clarified its interpretation of Mantra’s official governance proposals. OM holders now face uncertainty as they try to navigate the migration process. Mullin urged OM holders to avoid relying on OKX for the migration and ensure they follow Mantra’s official channels for the transition. Mantra continues to work with other exchanges to ensure a smooth migration for its users.
