Mantra CEO John Patrick Mullin Criticizes OKX Over OM Token Migration Schedule
Mantra CEO John Patrick Mullin has publicly accused exchange OKX of publishing incorrect and misleading dates for the migration of the OM token. Mullin urged OM holders to withdraw their tokens from OKX and perform the migration independently via official Mantra channels.
On December 5, 2025, OKX announced a migration window for OM scheduled between December 22 and 25, 2025. The exchange also outlined plans to delist OM spot trading, halt deposits and withdrawals, implement a 1:4 token conversion, and suspend futures and margin trading. However, Mullin argued this migration timetable is technically impossible due to governance documents requiring the migration to begin only after the ERC-20 version of OM is deprecated on January 15, 2026. He stated this makes the migration window unworkable and contradicts Proposal 26.
Mullin further alleged that OKX’s published information is false and questioned whether this was due to negligence or malicious intent. He disclosed that OKX has not communicated with Mantra since April 13, 2025 — the date that witnessed a sudden one-day crash erasing over $6 billion in OM market value. Mantra attributed this crash to liquidations instead of a hack, citing aggressive leverage on centralized exchanges and wider structural risks. Following this event, Mantra burned 150 million OM tokens and committed to greater transparency.
During this period, several exchanges adjusted their stance on OM and related tokens. INDODAX delisted OM, Binance paused deposits and withdrawals amid network upgrades before relisting the redenominated MANTRA token, and OKX removed multiple low-activity assets including BAL, PERP, FLM, PSTAKE, CLV, and RACA. Broader migration adjustments were also observed across the ecosystem.
Mullin urged holders to avoid dependence on exchanges and maintain direct custody of their OM tokens. Mantra plans to coordinate with major exchanges and provide support for retail holders throughout the migration transition. While OKX has acknowledged that schedule delays might occur, it has not responded directly to Mullin’s accusations nor clarified governance-related concerns.
