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

Tensions between blockchain platform Mantra and the crypto trade OKX escalated sharply this week after Mantra CEO John Patrick Mullin accused the trade of publishing “incorrect and deceptive” details about the venture’s upcoming token migration.

In a strongly worded assertion posted on X, Mullin urged OM holders on the trade to withdraw their tokens instantly and full migration independently by means of official Mantra channels.

Mantra Accuses OKX of Publishing “False” OM Migration Dates

The battle surfaced on Monday after OKX released an announcement outlining its help for the OM migration, together with an in depth schedule that positioned the conversion window between December 22 and December 25, 2025.

The trade mentioned it deliberate to delist OM spot pairs, halt deposits and withdrawals, conduct an account snapshot, and course of the conversion at a 1:4 ratio according to what it described as Mantra’s Proposal 17 and Proposal 26.

OKX additionally mentioned it might droop futures, margin buying and selling, and associated providers forward of the migration.

Mullin disputed practically each a part of OKX’s timeline. He mentioned the trade had printed dates that have been “technically inconceivable.

He added that official governance paperwork state the migration can solely start after the ERC-20 OM token is absolutely deprecated on January 15, 2026.

According to him, this makes any December 2025 migration window unworkable.

He additionally argued that the trade had rearranged the supposed course of by inserting the token break up forward of deprecation, reversing the sequence outlined in Proposal 26.

He described the trade’s timeline as “arbitrary,” noting that no last launch date has been introduced as a result of it relies on a pending technical overview.

The CEO mentioned the publication of what he known as “demonstrably false info” raises issues about negligence or attainable malicious intent.

He added that OKX has not communicated with Mantra since April 13, the date of OM’s excessive market collapse that noticed the token fall more than 90% in a single day.

He argued that the communication breakdown has now resulted in market confusion throughout a interval through which different exchanges have coordinated intently with Mantra on migration particulars.

After $6B Collapse, OM Holders Face New Uncertainty Amid Exchange Frictions

The April collapse, which erased greater than $6 billion from OM’s market capitalization inside 24 hours, continues to forged a protracted shadow over the venture.

Some merchants described the crash as a rug pull, although Mantra denied wrongdoing and blamed the occasion on sudden liquidations throughout low-liquidity weekend buying and selling.

A later autopsy attributed the crash partly to aggressive leverage insurance policies on centralized exchanges and mentioned the incident uncovered wider structural dangers within the trade.

In its response on the time, the venture pledged extra transparency, lowered inside validator management, and a 150 million OM token burn by Mullin himself.

Since then, a number of exchanges have taken motion across the token. INDODAX delisted OM throughout the preliminary shift away from ERC-20.

Meanwhile, Binance briefly suspended OM deposits and withdrawals throughout community upgrades earlier than relisting the redenominated MANTRA token.

Other platforms paused buying and selling as a part of broader migration changes.

In the identical interval, OKX removed a number of unrelated property, reminiscent of BAL, PERP, FLM, PSTAKE, CLV, and RACA, due to low exercise or listing-criteria points, a pattern that has raised wider questions concerning the trade’s dealing with of property present process structural modifications.

The present dispute has left many OM holders attempting to find out the most secure migration path.

Mullin known as on customers to keep away from relying on OKX throughout this part and to take care of direct custody to make sure they don’t act on incorrect timelines.

He mentioned Mantra will proceed coordinating with all different main exchanges and can help retail holders by means of the transition.

OKX, for its half, has indicated that its schedule might face delays attributable to coordination necessities, however it has not publicly addressed Mullin’s accusations or clarified its interpretation of the governance proposals.

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