Mantra CEO sounds alarm as OM migration clash with OKX intensifies

MANTRA has issued a warning to its community following a dispute with OKX over the exchange’s announcement of OM migration dates, which the project alleges violate official governance rules. 

The conflict intensified when OKX announced on December 5 that it would terminate its service and migrate to a new platform by the end of December. MANTRA CEO JP Mullin claimed that the data is inaccurate and turns the process back to front, posing a risk that users will act on timelines that do not match Governance Proposal 26.

Governance mismatch and conflicting dates

The central issue is OKX’s assertion that the OM migration will occur between December 22 and December 25, 2025. According to MANTRA, the official governance proposal states that migration can only begin after the ERC-20 OM token has been fully deprecated. The deprecation deadline is January 15, 2026.

Proposal 26 also states that the migration date is conditional on the completion of additional technical review and does not assign any December dates to the conversion process.

The project also pointed out that OKX had announced several dates in December that were not discussed with MANTRA, including trading services, deposits, withdrawals, and a December 22 snapshot.

MANTRA claimed that no dates have been finalized regarding migration and emphasized that since April 13, the exchange has not communicated with the project regarding the specifics of migration.

Exchange-imposed suspension schedule

The December 5 announcement by OKX details significant changes to how OM trading will work. With OM, borrowing was to close on December 5, and between December 12 and December 19, the OM/USDT margin trading was to be suspended. OM-linked perpetual futures were to be delisted on December 15. Trading bots linked to the affected markets would gradually decrease in activity before each suspension.

OM pairs were to be paused in the spot market between December 19 and 22, and OKX said that all deposits, withdrawals and transfers would end at 03:00 UTC on December 22. The user balance record was recorded at the same time, with OKX stating that the migration would continue until December 25.

The exchange explained that no accounts with a balance below 10 OM would be converted and that only users with a KYC Level 2 or higher would be able to convert. During the migration period, OKX reported that information regarding OM valuation would be unavailable.

MANTRA CEO advises users to retain direct custody

Reacting to this, the MANTRA CEO encouraged users to take their OM out of OKX and migrate it through the official project channels as soon as the process becomes accessible. According to MANTRA, this method will ensure that their governance decisions are based on their own timeline, rather than an exchange-issued timeline, which aligns with Proposal 26.

The team added that every other big exchange has been aligning their preparations with MANTRA, and that the only exchange to announce dates without liaising with the project was OKX. MANTRA further indicated that it is determined to work with all OM retail holders during the transition and will continue to collaborate with the exchanges to ensure that the migration process is accurate and consistent.

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