Rising tensions between blockchain platform Mantra and crypto exchange OKX have emerged after Mantra accused the exchange of disseminating erroneous information regarding its token migration.
In a Monday X post, Mantra CEO John Patrick Mullin urged 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,” stated Mullin.
This warning followed a Friday announcement from OKX regarding its support for the upcoming OM token migration.
Related: BitMine buys $199M in Ether as smart money traders bet on ETH decline
Mullin claimed that the OKX post contained several inaccuracies, including incorrect migration and implementation dates.
OKX stated that the migration would occur between Dec. 22 and Dec. 25, while Mantra’s governance proposal indicates that the migration will only happen after the Jan. 15 deprecation of the Ethereum-based ERC-20 OM token.
Mullin also noted that OKX’s post mentioned “arbitrary dates throughout December 2025,” while Mantra has not yet confirmed an official implementation date.
He further asserted that OKX has not communicated with Mantra since “the events” of April 13, whereas Mantra has been actively communicating with all other significant exchanges regarding their migration.
During the forthcoming 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 had not received a reply by the time of publication.
Related: Prediction markets emerge as speculative ‘arbitrage arena’ for crypto traders
April crash still casting a shadow
On April 13, the price of Mantra’s OM token plummeted by over 90%, falling from around $6.30 to below $0.50.
On April 30, Mantra published a post-mortem report attributing the token crash to the aggressive trading policies and high leverage of cryptocurrency exchanges.
“Liquidation cascades could affect any project in the crypto space,” Mullin remarked in the post, pointing out the dangers posed by “aggressive leverage positions” on exchanges to investor safety.
Mullin also called on exchanges to reassess their leverage policies while implementing a transparency dashboard for OM tokenomics, along with unveiling the burning of 150 million staked OM tokens, permanently removing them from circulation to tighten the token’s supply.
Magazine: If the crypto bull run is ending… it’s time to buy a Ferrari — Crypto Kid
