Mantra CEO Issues Urgent Warning: “Withdraw Your OM From OKX Now” – Migration Crisis Escalates

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.

On December 5, 2025, OKX published a statement entitled “OKX to support OM crypto migration”. This statement contained multiple factual errors and misrepresentations not present in official MANTRA governance proposals. We are incredibly concerned by this development, which shows…

— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 8, 2025

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.

📉 Mantra lost 90% of its value in just one hour — $6B gone. No hack, no clear reason. Just “liquidations,” team silence, and big wallet moves. What really happened, and which red flags did investors ignore?https://t.co/2HeL1ZiMhG

— Cryptonews.com (@cryptonews) April 14, 2025

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.

UPDATE: Mantra Questions OKX as Tensions Rise Over OM-to-MANTRA Conversion

In a follow-up development on the public dispute that emerged between OKX and the Mantra team over the upcoming migration of OM tokens, an OKX representative, identified as Allen, contacted Mantra on Telegram to confirm details of the December 22 migration through the project’s official portal.

The exchange requested clarification on the switch to MANTRA, the 1:4 redenomination, and whether users would need to take any steps during the process.

Mantra’s Mullin then moved the discussion into the open, posting on X on December 9 that this was the first direct outreach from OKX since April.

Dear OKX,

While I appreciate you responding to us for the first time since April, I believe, for transparency and the benefit of the broader MANTRA community, it’s best to continue this conversation in a public forum.

MANTRA is planning to support OKX in the migration of users’… pic.twitter.com/G2LZcyljXh

— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 9, 2025

He said the foundation intends to support the migration of user assets but asked OKX to disclose how many OM tokens belonging to customers will be moved on December 22 and how many tokens the exchange currently holds on its own books.

He added that legal counsel had advised the foundation not to interact with OM tokens believed to be held by OKX because they are part of an active case alleging potential misconduct.

With the public back-and-forth now escalating, attention turns to OKX’s next move and whether the exchange will provide the transparency MANTRA is demanding ahead of the migration deadline.

Disclaimer: This story is developing. Updates to follow.