Mantra CEO Issues Urgent Advisory: “Withdraw Your OM From OKX Immediately”

Mantra CEO Issues Urgent Advisory: “Withdraw Your OM From OKX Immediately” – Migration Crisis Intensifies

Tensions have escalated between the Mantra blockchain platform and crypto exchange OKX after Mantra CEO John Patrick Mullin accused OKX of disseminating inaccurate information regarding the upcoming token migration. Mullin urged OM holders to withdraw their tokens from OKX immediately and highlighted concerns over misinformation during a critical migration phase.

Key Takeaways

Mantra’s CEO has warned OM token holders to withdraw from OKX due to misleading migration information.
OKX announced its own migration timeline that conflicts with Mantra’s official guidelines.
The situation follows a significant market crash in April that devastated OM's value.
Many are left uncertain about the best path for migration amid the ongoing discord.

Mantra CEO Issues Urgent Advisory: “Withdraw Your OM From OKX Immediately” — Migration Crisis Intensifies

Mantra CEO's Warning on OM Token Migration

Tensions between the blockchain platform Mantra and the crypto exchange OKX have escalated sharply this week. Mantra CEO John Patrick Mullin has accused OKX of broadcasting "incorrect and misleading" information about the token migration set to occur with OM tokens.

In a public statement shared on the platform X, Mullin implored OM holders utilizing OKX to withdraw their tokens without delay and to pursue migration independently using official Mantra channels.

Mantra's Claims Against OKX's Migration Timeline

The dispute began when OKX published an announcement detailing its support for the OM migration. This included a timeline suggesting that the conversion would occur from December 22 to December 25, 2025.

According to OKX, the exchange plans to delist OM spot pairs, suspend deposits and withdrawals, take account snapshots, and carry out the conversion at a ratio of 1:4, supposedly in accordance with Mantra’s Proposal 17 and Proposal 26.

Furthermore, OKX intends to halt futures, margin trading, and related services as the migration approaches.

Mullin challenged nearly every aspect of OKX’s stated timeline, claiming that the dates provided are “technically impossible.” He indicated that official governance documents specify that migration cannot commence until the ERC-20 OM token is entirely phased out on January 15, 2026, rendering any December 2025 migration timeline unviable.

Additionally, Mullin argued that OKX had altered the intended procedure by scheduling the token split before the deprecation, which contradicts Proposal 26. He criticized the timeline as “arbitrary” and noted that a final launch date remains unannounced due to pending technical evaluations.

Mullin expressed concern over what he referred to as "demonstrably false information," suggesting either negligence or potential malicious intent on OKX’s part. He also pointed out that there has been no communication from OKX since April 13, following an extreme market downturn that saw OM’s value plummet over 90% in a single day.

This breakdown in communication has resulted in market confusion, especially as other exchanges have worked cooperatively with Mantra on migration specifics.

Continued Uncertainty for OM Holders Following Major April Collapse

The fallout from the April collapse, which wiped more than $6 billion from OM’s market capitalization in just 24 hours, continues to loom large over the project. Some traders labeled the event a 'rug pull'; however, Mantra denied any wrongdoing, attributing the collapse to sudden liquidations during low-liquidity weekend trading.

Subsequent analyses linked the crash to aggressive leveraging practices on centralized exchanges while highlighting broader structural vulnerabilities within the crypto industry.

At that time, the project committed to fostering greater transparency, reducing control by internal validators, and initiating a burn of 150 million OM tokens, managed by Mullin himself.

Since the collapse, numerous exchanges have enacted changes concerning the OM token. For instance, INDODAX delisted OM during the transition from ERC-20, while Binance briefly suspended deposits and withdrawals for OM tokens during network upgrades before relisting the rebranded MANTRA token.

Other exchanges also paused trading during their respective migration adjustments.

In this context, OKX has notably removed several unrelated assets, such as BAL, PERP, FLM, PSTAKE, CLV, and RACA, citing low activity or issues meeting listing criteria. This has further raised questions about how the exchange is managing assets undergoing significant structural changes.

Many OM holders are now left navigating a path for migration amid these disputes. Mullin has urged users to refrain from relying on OKX during this pivotal moment and to maintain direct custody of their tokens to avoid acting on any erroneous information.

He confirmed that Mantra will continue collaborating with other major exchanges and will support retail token holders throughout the transition.

OKX, meanwhile, has hinted that its migration schedule may experience delays due to the need for better coordination, but it has yet to publicly address Mullin's claims or clarify its understanding of the governance proposals involved.