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 performed with accuracy and effectivity.”
In response to questions raised by Mullin concerning the variety of OKX customers’ OM tokens and the variety of OM tokens OKX holds, OKX acknowledged 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 referred to as on MANTRA to substantiate to them by December 20, 2025, that all the $OM tokens on their platform will probably be migrated, including that it was in keeping with Mullin’s public statements that MANTRA will assist 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 well-liked 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 publish 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 workforce 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 assist for making certain correct migration procedures.
Mullin acknowledged 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 performed with accuracy and effectivity. The precise course of is one which we’ve got 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 particular EVM tackle, with every batch taking roughly quarter-hour to finish.
Mullin requested the OKX workforce to offer the MANTRA tackle 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 at the moment unknown, and their subsequent transfer will probably be monitored intently. It is a growing story.
