MANTRA and cryptocurrency change OKX have exchanged formal letters that sign a possible easing of tensions roughly one week following their public sparring over the migration of OM tokens.
In an open letter posted on X on December 19, MANTRA CEO John Patrick Mullin proposed dealing with the migration manually “for max security and assurance that will probably be carried out with accuracy and effectivity.”
In response to questions raised by Mullin relating to the variety of OKX customers’ OM tokens and the variety of OM tokens OKX holds, OKX said that the variety of OKX person OM tokens to be migrated is 34,097,848, whereas the variety of OKX’s $OM tokens to be migrated is 124,441,487.
The change known as on MANTRA to substantiate to them by December 20, 2025, that the entire $OM tokens on their platform might be migrated, including that it was in line with Mullin’s public statements that MANTRA will help the migration of the $OM tokens.
Mullin responded by providing emigrate all tokens between January 3 and 5, roughly two weeks later than OKX’s most popular timeline, citing issues about year-end vacation disruptions.
Transparency calls for and formal warnings
The dispute between the 2 events reached new heights on December 12, after OKX shared a protracted and detailed put up on X on what occurred throughout the crash of the OM token, in what it labeled as “make clear the information,” including that the “MANTRA group continues to push a deceptive narrative.”
Final week, Mullin publicly questioned OKX’s dealing with of the token migration and demanded disclosure of the change’s OM holdings. On December 8, he shared on X that OKX’s migration announcement contained factual errors, claiming the change had unilaterally created particular dates with out consulting MANTRA.
OKX responded with a letter demanding that MANTRA decide to migration plans by December 20, or face delisting procedures.
MANTRA’s reply adopted extra diplomatic language in comparison with the earlier week, expressing full help for guaranteeing correct migration procedures.
Mullin said that MANTRA will itself deal with the migration of 100% of OM tokens below OKX’s management.
He wrote, “Given the dimensions of you and your customers’ holdings, we are going to migrate manually for max security and assurance that will probably be carried out with accuracy and effectivity. The precise course of is one which we now have used with a number of different exchanges and is tried and examined.”
He additional outlined an in depth course of involving tranches of roughly 20 million OM tokens despatched to a selected EVM deal with, with every batch taking roughly quarter-hour to finish.
Mullin requested the OKX group to offer the MANTRA deal with they want to use for the proposed migration course of as a primary step.
Will OKX comply with MANTRA’s proposed migration date?
The present friction has reopened wounds from April 2025, when OM crashed by greater than 90% in hours, erasing over $5 billion in market capitalization.
Given the state of their relationship, OKX agreeing to MANTRA’s proposed timeline is presently unknown, and their subsequent transfer might be monitored carefully. This can be a creating story.
