OKX Freezes OM Accounts After Price Manipulation Discovery

OKX has taken control of several linked accounts after discovering OM price manipulation, causing OM’s market price to sharply drop, impacting user losses on December 13, 2025.

This incident underscores the volatility in cryptocurrency markets, with OKX handling substantial losses through its Security Fund and the broader implications for decentralized finance protocols.

OM Price Manipulation: Trading Suspension and Market Disruption

Multiple accounts were discovered colluding to inflate the OM token’s price by using it as collateral for USDT. OKX’s risk team identified this activity and contacted the account holders to correct the situation. As they did not comply, OKX took over the accounts.

The announcement led to a significant decline in OM’s price, affecting traders and the market. While OKX executed a minimal liquidation, the sudden price drop caused substantial losses covered by the OKX Security Fund. According to OKX, the manipulation stemmed from trading activities outside their platform.

The community response has been critical, as highlighted by MANTRA’s CEO, John Patrick Mullin, who contested OKX’s timeline for OM migration, arguing it did not align with MANTRA’s governance schedule. Ongoing legal proceedings aim to address the situation further. Mullin stated, “OKX’s post referenced arbitrary dates throughout December 2025 that were not aligned with MANTRA’s official migration plan.”

Regulatory and Market Implications Post-Price Manipulation

Did you know? The significant drop in the OM token during April is consistent with historical patterns where illiquid tokens, used as collateral in centralized exchanges, lead to extreme volatility during market manipulations.

As of December 13, 2025, OM (MANTRA) trades at $0.07, with a market cap of $81.92 million. CoinMarketCap data indicates price declines of 2.75% over 24 hours and 67.76% in 90 days, underscoring the token’s volatile nature amid recent events.

Insights from Coincu’s research team suggest that investigations by regulatory authorities might lead to more stringent oversight of crypto exchanges. Heightened vigilance may prompt exchanges to refine risk controls, possibly affecting OM’s trading volume and liquidity going forward. OKX to assist with OM crypto migration process.