- A dispute between Mantra and OKX centers on OM token migration and a price collapse since February 2025.
- OKX gave an incorrect OM migration date, causing public conflict with Mantra.
- OKX accuses some OM holders of collusion to manipulate prices, leading to ongoing legal actions.
- Mantra demands transparency from OKX about OM token holdings but denies legal claims.
- OM token price has dropped 99% since February, with no clear public resolution expected soon.
A prolonged dispute between Mantra and cryptocurrency exchange OKX intensified in December 2025 amid a steep 99% price fall of Mantra’s OM token since February of the same year. The disagreement arose over the timing of migrating OM tokens from Ethereum’s network to the Mantra mainnet.
On December 5, OKX announced the OM token migration would occur between December 22 and 25. However, John Patrick Mullin, founder and CEO of Mantra, stated the migration is actually planned for January 2026. This error prompted Mullin to reveal a private Telegram conversation on December 9, accusing OKX of ceasing communication after OM’s 92% price crash in April. Mullin also demanded that OKX publicly disclose how many OM tokens it holds for customers compared to those on its own balance sheet.
OKX responded on December 12, saying it had reported to law enforcement multiple users colluding to use large amounts of OM as collateral to borrow USDT, a stablecoin. The exchange claims this collusion artificially increased OM’s price before its crash, and legal proceedings remain ongoing. OKX says it covered all losses resulting from the situation.
Mullin criticized OKX for factual inaccuracies in their statement and advised OM holders to withdraw tokens from the exchange, citing external legal advice. Around the same time, OKX rejected Mantra’s claim that OM tokens not migrated by January 15, 2026, would be forfeited and reclaimed by the Mantra Chain Association. OKX warned it would act to protect its users against any actions causing further damage.
Observers point out the main issue is identifying who initiated the OM token sell-off during the April price collapse. Without access to trading records or subpoena powers, it remains unclear which accounts triggered the crash, whether from either group or unrelated parties.
Regardless of the dispute’s outcome, the OM token has suffered a catastrophic value loss, dropping 99% since its all-time high in February 2025, as recorded on CoinGecko. This decline significantly impacts all token holders involved.
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