Conflict between blockchain platform Mantra and crypto exchange OKX is escalating as Mantra accuses the exchange of disseminating inaccurate information regarding its token migration.
In a Monday X post, Mantra CEO John Patrick Mullin advised users of centralized cryptocurrency exchange (CEX) OKX to withdraw their Mantra (OM) tokens and reduce their “dependency” on the platform.
“Users should consider withdrawing their OM tokens from OKX[…]. Avoid OKX Exchange Dependency: Complete migration without relying on potentially negligent or malicious intermediaries,” remarked Mullin.
This caution followed a Friday announcement from OKX regarding support for the impending OM token migration.
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Mullin alleged that the OKX post contained several inaccuracies, including erroneous migration and implementation dates.
OKX indicated that the migration would occur between Dec. 22 and Dec. 25, whereas Mantra’s governance proposal states that the migration will only happen after the Jan. 15 removal of the Ethereum-based ERC-20 OM token.
Mullin further pointed out that OKX’s post mentioned “arbitrary dates throughout December 2025,” while Mantra has yet to declare an official implementation date.
He claimed that OKX has not reached out to Mantra since “the events” of April 13, while Mantra has “helpfully [been] communicating with all other major exchanges regarding our migration.”
During the upcoming migration, the OM token will transition from an Ethereum-native ERC-20 token to a Mantra Chain-native token.
Cointelegraph has reached out to OKX for a comment but has not received a response by the time of publication.
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April crash still casting a shadow
On April 13, the price of Mantra’s OM token plummeted over 90% from around $6.30 to below $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 could affect any project in the crypto industry,” Mullin stated in the report, highlighting the risks posed by “aggressive leverage positions” on exchanges to investor safety.
Mullin also urged exchanges to reassess their leverage policies while introducing a transparency dashboard for OM tokenomics, alongside announcing the burning of 150 million staked OM tokens, permanently taking them out of circulation to restrict the token’s supply.
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