A heated, months-long feud between Mantra and OKX has escalated to the purpose of authorized threats amid a 99% OM worth 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 keeping 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 referred to as legislation enforcement on OM tokenholders who, in keeping with 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 proscribing the coin’s circulating provide allegedly had the impact of artificially growing OM’s worth previous to its worth 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 relating to 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 have been absolutely coated by the OKX…
— Wu Blockchain (@WuBlockchain) December 13, 2025
Mantra and OKX hold 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 best to different customers’ cash in the event that they take no motion by January.
OKX warned Mullin instantly 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 varied 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 keeping with one observer, pertains to “who dumped first” through the 92% crash in April.
“Who,” to be clear, might embody both of those events, or any variety of unrelated events. Certainly, with out subpoena energy or the buying and selling information of OKX and Mantra, it’s unimaginable to publicly decide which accounts have been liable 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 harm is already performed.
