Mantra CEO Advises OM Holders to Withdraw from OKX Amid Migration Controversy

In the wake of conflicting information regarding the migration of Mantra's OM token, tensions are escalating between the blockchain platform Mantra and cryptocurrency exchange OKX. Mantra's CEO, John Patrick Mullin, is urging OM token holders to withdraw their tokens from OKX, citing inaccuracies in the exchange's migration announcements.

Key Takeaways

Mantra's CEO recommends OM token holders withdraw their tokens from OKX due to misinformation.
OKX's announcement regarding the token migration dates is disputed by Mantra.
The future migration aims to transition the OM token from the ERC-20 standard to a native token on the Mantra Chain.
Mullin highlights the need for exchanges to improve their communication and transparency.

Mantra CEO tells OM holders to withdraw from OKX over ‘inaccurate’ migration plan

Rising Tensions Over Token Migration

In a post shared on Monday via X, Mullin specifically advised users of the centralized exchange OKX to remove their Mantra tokens, emphasizing the need to reduce reliance on the platform. He stated, “Users should consider withdrawing their OM tokens from OKX. Avoid OKX Exchange Dependency: Complete migration without relying on potentially negligent or malicious intermediaries.”

This warning came after OKX's announcement on Friday about plans to support the upcoming OM token migration.

Mantra CEO's Response
Source: JP Mullin

Mullin pointed out that the information shared by OKX was riddled with inaccuracies, particularly regarding migration and implementation dates. OKX stated that the migration would occur between December 22 and December 25. However, according to Mantra’s governance proposal, the actual migration will only happen after the Ethereum-based ERC-20 OM token is deprecated on January 15.

Moreover, Mullin criticized OKX for mentioning “arbitrary dates throughout December 2025” while Mantra has yet to declare an official implementation date. He claimed that since “the events” surrounding April 13, communication from OKX to Mantra has ceased, while Mantra has been actively engaging with other major exchanges about the migration.

OKX Migration Announcement
OKX’s OM Crypto Migration post. Source: okx.com

Changes in Token Structure

The upcoming migration will shift the OM token from an Ethereum-based ERC-20 token to a dedicated token within the Mantra Chain ecosystem. Cointelegraph has reached out to OKX for further clarification but had not received a response by the time of publication.

Reflection on April's Market Crash

The tension surrounding the migration is heightened by the memory of an earlier incident on April 13, when the price of Mantra’s OM token plummeted over 90%, dropping from approximately $6.30 to below $0.50.

OM/USD Price Chart
OM/USD, one-day chart. Source: Coingecko.com

Following the crash, on April 30, Mantra released a post-mortem analysis which attributed the steep decline to aggressive trading practices and high leverage on cryptocurrency exchanges. Mullin stated, “Liquidation cascades could happen to any project in the crypto industry.” He pointed to the dangers posed by “aggressive leverage positions” as a prevalent risk to investor safety.

Mullin also called on exchanges to reassess their leverage policies and to establish a transparency dashboard for OM tokenomics. Additionally, he mentioned the decision to burn 150 million staked OM tokens, effectively removing them permanently from circulation to help stabilize the token's supply.

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