Platform accuses exchange of publishing incorrect timelines and acting without coordination
A disagreement between Mantra and major crypto exchange OKX has escalated after Mantra’s CEO, John Patrick Mullin, advised OM token holders to withdraw their assets. The warning follows allegations that OKX published incorrect information regarding Mantra’s upcoming token migration.
Mantra Challenges OKX’s Migration Timeline
In a public statement, Mullin said the exchange shared inaccurate migration and implementation dates, urging users to avoid relying on “potentially negligent or malicious intermediaries.” OKX’s announcement claimed the migration would occur between Dec. 22 and Dec. 25, a timeline Mullin says contradicts Mantra’s governance-approved plan.
According to Mantra, the switch from the current ERC 20 OM token to a Mantra Chain native asset will only commence after Jan. 15, when the Ethereum-based token is officially deprecated. Mullin added that the exchange referenced arbitrrary dates across December 2025, despite Mantra not releasing any confirmed implementation schedule.
Lack of Communication Deepens Tensions
Mullin stated that OKX has not communicated with the Mantra team since April 13, the date of OM’s severe market event, while “all other major exchanges” have been coordinating with Mantra on the transition. The company says no migration details were verified with them before OKX’s announcement.
The dispute revives concerns stemming from OM’s dramatic 90% price drop on April 13. Mantra’s post-mortem attributed the collapse to aggressive leverage policies and cascading liquidations across exchanges. To improve stability, Mantra has since launched a transparency dashboard, reviewed tokenomics, and confirmed the burning of 150 million staked OM tokens to reduce supply.
As the migration approaches, Mantra maintains that users should rely solely on its official channels to avoid misinformation and ensure a secure transition.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.