Relations between the blockchain platform Mantra and the crypto exchange OKX have soured as Mantra has accused the exchange of disseminating incorrect information regarding its token migration.
In a recent post on X, Mantra CEO John Patrick Mullin urged users of the centralized cryptocurrency exchange (CEX) OKX to withdraw their Mantra (OM) tokens and reduce their reliance on the platform.
“Users should think about withdrawing their OM tokens from OKX[…]. Avoid OKX Exchange Dependency: Complete migration without depending on potentially negligent or malicious intermediaries,” Mullin stated.
This advisory followed a Friday announcement from OKX about its support for the upcoming OM token migration.
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Mullin claimed that the information included in the OKX post was riddled with inaccuracies, particularly concerning migration and implementation dates.
While OKX stated that the migration would take place between December 22 and December 25, Mantra’s governance proposal indicates that the migration is slated for after January 15, when the Ethereum-based ERC-20 OM token will be deprecated.
Additionally, Mullin noted that OKX’s post mentioned “arbitrary dates throughout December 2025,” although Mantra has yet to specify an official implementation date.
He asserted that OKX has not been in communication with Mantra since “the events” of April 13, while Mantra has actively communicated with all other major exchanges regarding its migration.
During the forthcoming migration, the OM token will transition from an Ethereum-native ERC-20 token to a token native to Mantra Chain.
Cointelegraph has reached out to OKX for a comment but had not received a response by the time of this publication.
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April crash continuing to loom
On April 13, the price of Mantra’s OM token plummeted over 90% from approximately $6.30 to under $0.50.
On April 30, Mantra released a post-mortem report attributing the token crash to aggressive trading policies and high leverage on cryptocurrency exchanges.
“Liquidation cascades can occur for any project in the crypto sphere,” Mullin noted in the report, citing the role of “aggressive leverage positions” on exchanges as a significant risk to investor safety.
Mullin also called upon exchanges to reassess their leverage policies while establishing a transparency dashboard for OM tokenomics, coupled with an announcement of the burning of 150 million staked OM tokens, permanently withdrawing them from circulation to tighten the token’s supply.
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