Mantra CEO Urges OM Holders to Withdraw Tokens from OKX

TLDR

• Mantra’s 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 timeline.
• The official migration can only begin after January 15, 2026, according to Mantra’s governance documents.
• OKX’s failure to communicate since April’s market collapse has led to confusion during the token migration.
• Mantra continues coordinating with other exchanges while urging OM holders to avoid OKX during the transition.

Tensions between Mantra and the crypto exchange OKX have escalated following claims from Mantra’s CEO, John Patrick Mullin, about incorrect information regarding the OM token migration. Mullin urged OM holders on OKX to withdraw their tokens immediately. He stated that the exchange’s migration dates were misleading and technically impossible.

Mantra Accuses OKX of Publishing Incorrect OM Migration Dates

OKX recently announced support for the OM token migration, stating that the conversion would take place between December 22 and December 25, 2025. This timeline included halting deposits and withdrawals, conducting a snapshot, and processing the token conversion at a 1:4 ratio. However, Mullin disputed the dates and the entire schedule through a post on X, calling them “demonstrably false.”

According to Mullin, the governance documents clearly state that migration can only begin after January 15, 2026, when the ERC-20 OM token is fully deprecated. He emphasized that the proposed dates were not technically feasible and that OKX had altered the migration process. He also pointed out that the sequence published by the exchange did not align with the plans outlined in Proposal 26.

Mullin expressed concerns about the potential negligence or malicious intent behind OKX’s actions. He added that OKX had not communicated with Mantra since the April 13, 2025, market collapse, which saw OM’s value drop by over 90%. This breakdown in communication, he said, was the cause of market confusion during the migration phase.

OM Token Holders Face New Uncertainty Following $6B Collapse

The OM token has faced ongoing challenges following its dramatic market collapse in April 2025, when it lost over $6 billion in a single day. Some traders believed the incident was a rug pull, but Mantra attributed it to sudden liquidations during low-liquidity weekend trading. A post-mortem investigation also pointed to the exchange’s aggressive leverage policies as a key factor behind the crash.

Since the collapse, several exchanges have taken steps regarding the OM token. INDODAX delisted OM, and Binance temporarily suspended OM deposits and withdrawals before relisting the updated MANTRA token. Other exchanges have paused trading as part of broader migration adjustments. OKX has yet to address Mullin’s accusations directly.

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 to ensure they follow official Mantra channels for the transition. Mantra continues to work with other exchanges to ensure a smooth migration for its users.

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