The dispute between cryptocurrency exchange OKX and the MANTRA (OM) development team is intensifying, as both sides issue sharply conflicting statements regarding the OM price collapse and the project’s upcoming token migration.

What OKX says about the OM incident

Earlier, OKX stated that it had identified multiple interconnected accounts acting in coordination to use large amounts of OM as collateral to borrow USDT, artificially inflating OM’s price. According to OKX, its risk management systems detected the abnormal activity early and requested corrective action, but the accounts refused to cooperate.

To contain systemic risk, OKX took control of the related accounts. Shortly thereafter, OM’s price collapsed. The exchange emphasized that it liquidated only a very small amount of OM, and that all resulting losses were fully covered by the OKX Security Fund. Multiple third-party analyses have indicated that the sharp price decline was primarily driven by perpetual futures trading on platforms outside of OKX.

OKX also noted that the origin of the unusually large amount of OM and the high concentration of token ownership remain unexplained. The exchange has submitted relevant evidence to regulators and law enforcement, and confirmed that multiple lawsuits and legal proceedings are currently ongoing.

MANTRA pushes back, accuses OKX of spreading misinformation

In response, the MANTRA team released a strongly worded public statement accusing OKX of publishing “factually incorrect and misleading information” related to the OM token migration.

According to MANTRA, on December 5, 2025, OKX published an announcement titled “OKX to support OM crypto migration,” which allegedly contained multiple factual errors and claims not reflected in any official MANTRA governance proposal. The team said this raised serious concerns, citing either gross incompetence or deliberate misinformation.

MANTRA argued that the timeline presented by OKX is technically impossible:

MANTRA Governance Proposal 26 clearly states that migration will occur only after the ERC-20 OM token has been fully deprecated

The ERC-20 deprecation deadline is January 15, 2026

As a result, migration cannot take place before January 15, 2026

The project also rejected OKX’s use of multiple specific dates throughout December 2025, noting that Proposal 26 states the final launch date is contingent on the successful completion of further technical reviews and that no official implementation date has been announced.

In addition, MANTRA said OKX reversed the correct execution sequence by announcing a token split before the completion of ERC-20 deprecation. According to MANTRA, the proper order is to first complete ERC-20 deprecation, and only then implement the token split and ticker change at a later, yet-to-be-determined date.

Controversial user recommendations from MANTRA

Citing what it described as unreliable and misleading communications from OKX, the MANTRA team issued strong recommendations to its community:

Users should consider withdrawing their OM tokens from OKX immediately

Token migration should be conducted directly through official MANTRA channels

Users should avoid relying on OKX as an intermediary during the migration process

Investors should follow only official MANTRA communications for accurate timelines and updates

MANTRA said OKX’s unilateral creation of specific dates without consultation caused unnecessary market confusion, undermined investor confidence, and threatened market stability. The team also claimed that OKX has not communicated with MANTRA since the events of April 13, while all other major exchanges have been actively coordinating with the project.

A standoff with no immediate resolution

While OKX maintains that MANTRA has failed to address serious concerns related to market manipulation and token supply concentration, MANTRA insists that OKX’s communications have been negligent and damaging to the community.

With regulators and law enforcement now involved and multiple legal proceedings underway, the situation remains unresolved. OM holders are left navigating two sharply opposing narratives as uncertainty continues to surround the token and its migration process.