A heated, months-long feud between Mantra and OKX has escalated to the purpose of authorized threats amid a 99% OM value collapse since February.
Calls for from each camps and volleys from enthralled onlookers are spinning up a dramatic whirlwind of conflicting narratives.
On December 5, OKX introduced an inaccurate date vary of December 22-25 for Mantra’s OM token migration from Ethereum (ERC-20) to Mantra mainnet.
In accordance with John Patrick Mullin, founder and CEO of Mantra, that migration is meant to occur in January.
This misstatement seems to be the straw that broke the camel’s again and prompted Mullin, on December 9, to take his feud onto social media.
Particularly, he took a non-public Telegram dialog with OKX public, complaining that the trade had stopped speaking with him since a 92% April crash in OM.
In doing this, Mullin concurrently demanded that OKX publicly disclose the amount of OM that it held on behalf of consumers versus on its company stability sheet.
One-hour chart of the OM/USDT buying and selling pair on OKX, April 2025. Supply: TradingView
Sufficient is sufficient
It didn’t take lengthy for OKX to reply, clarifying on December 12 that it had way back known as regulation enforcement on OM tokenholders who, in response to the trade, had colluded throughout a number of accounts to deposit massive portions of OM as collateral for loans.
As a result of buying and limiting the coin’s circulating provide allegedly had the impact of artificially growing OM’s value previous to its value crash, “multiple litigations and legal proceedings” nonetheless stay energetic in December.
Sensing an deadlock, Mullin publicly criticized OKX’s statements as containing factual misrepresentations, recommending all OM holders instantly withdraw their cash from OKX.
He cited the recommendation of “external counsel,” confirming the authorized ambiguity that’s complicated tokenholders as a lot as social media observers.
OKX said in a public announcement concerning the MANTRA (OM) incident that it recognized a number of associated accounts colluding to make use of massive quantities of OM as collateral to borrow USDT, artificially driving up the worth. The ensuing main losses had been absolutely coated by the OKX…
— Wu Blockchain (@WuBlockchain) December 13, 2025
Mantra and OKX maintain combating
The 2 events continued to disagree on social media.
By December 12, OKX flagged Mantra’s declare that ERC-20 OM tokens not migrated to the Mantra mainnet by January 15, 2026 “will be considered forfeit.”
It additionally stated that “their mainnet equivalent will be reclaimed by the Mantra Chain Association for use at its sole discretion.”
In different phrases, an affiliation is claiming the fitting to different customers’ cash in the event that they take no motion by means of January.
OKX warned Mullin straight about that wild assertion, writing forcefully, “OKX will take all steps to protect its users and we will be on guard against any acts that may cause any further damage to OKX and OKX users.”
Mullin fired again, reiterating numerous calls for, together with for OKX to reveal the variety of OM tokens on its company stability sheet.
Who dumped OM?
The core matter of disagreement, in response to one observer, pertains to “who dumped first” in the course of the 92% crash in April.
“Who,” to be clear, might embrace both of those events, or any variety of unrelated events. Certainly, with out subpoena energy or the buying and selling data of OKX and Mantra, it’s unimaginable to publicly decide which accounts had been answerable for the promoting — and pricing impacts — throughout that disastrous time interval.
Amid that data vacuum and the knock-on results of a months-long disagreement between Mantra and OKX, the general public may by no means know the complete story past one easy, inescapable reality: OM has misplaced 99% of its worth since its February 2025 all-time excessive.
Regardless of the end result of this disagreement, that injury is already completed.
