Key Highlights:
- MANTRA challenges OKX to reveal what number of OM tokens are held by customers and the trade.
- OKX despatched a proper letter questioning this request, demanding readability on OM migration and warning it could pursue authorized choices if harmed.
- This battle shifts the OM migration right into a public standoff.
A public conflict has damaged out between crypto trade OKX and MANTRA, the blockchain challenge behind the OM/SOM token migration. The difficulty began when MANTRA council member JP Mullin posted a two-page authorized fashion letter from OKX on social media platform X.
The letter, dated December 10, 2025, questions Mullin’s earlier public feedback about OM tokens that OKX holds and raises issues about how MANTRA is dealing with its ongoing token migration. OKX says it desires to “work constructively” with MANTRA and makes it clear that Mullin’s posts are usually not essentially seen as official MANTRA statements.
Pricey OKX,
I’ve obtained your letter on December tenth, 2025. For transparency for our neighborhood, I’m sharing the contents of the letter in my response. Let me state that we’re honest in supporting the migration, and the solutions to your questions in paragraph 4 are as… pic.twitter.com/YhL0plp0QZ
— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 12, 2025
The trade additionally warns that it could possibly take authorized actions if it feels MANTRA’s feedback or choice hurt OKX or impacts the token balances of its customers.
ERC-20 OM Deprecation and Migration Time
The primary concern between OK and MANTRA comes from MANTRA’s plan to close down the previous ERC-20 model of its OM token and totally transfer to the brand new MANTRA Chain-native OM. MANTRA has advised customers that they have to migrate their ERC-20 tokens by January 15, 2026.
Any tokens left unmigrated can be thought-about forfeit and brought again by the MANTRA Chain Affiliation, and so they could select to burn them or use them for neighborhood initiatives.
In his reply to OKX, JP Mullin assures the neighborhood that MANTRA is able to work with the trade so that every one OM tokens will be migrated easily. He additionally shares what comes subsequent within the roadmap.
After the January 15 deprecation deadline, MANTRA will roll out a series improve together with a 1:4 token break up. Because of this the entire provide, and each consumer’s stability, can be multiplied by 4. The chain may even change its fuel unit from uOM (6 decimals) to aMANTRA (18 decimals).
Extra importantly, customers received’t have to do something themselves for this specific improve. Exchanges would be the ones that can be dealing with all of the adjustments on their aspect, and the brand new balances will merely seem as soon as the transition is full.
OKX Calls for Clarification on Migration Mechanics
On this letter, the trade asks MANTRA to spell out precisely how and when the upcoming OM token redenomination will occur, The exchanges desires a full timelines, as to when the on-chain proposal can be finalized, the precise date the improve will go stay and whether or not customers balances will replace routinely. The trade additionally asks whether or not individuals might want to work together with any sensible contract throughout the SOM/OM redenomination.
OKX then focuses on the governance aspect, pushing MANTRA to elucidate how “Proposal 26” will truly be carried out. The trade provides MANTRA a most popular deadline of December 15, 2025 to offer these particulars.
In its public response, MANTRA clarifies that your complete course of will occur on the protocol stage by way of the Financial institution module, which implies that no sensible contract actions are wanted. It additionally says exchanges simply have to comply with their regular process which is to shut OM buying and selling pairs, watch for the improve, after which reopen markets beneath the brand new MANTRA ticker as soon as the redenomination is full.
How Many OM Tokens Does OKX Maintain?
The largest level of battle is MANTRA asking the trade to disclose two numbers, one in every of them is asking what number of OM tokens belong to OKX’s customers and second, what number of OM tokens OKX holds for itself.
Mullin says MANTRA all the time verifies the supply of huge OM actions for compliance causes, particularly when an trade is perhaps the precise proprietor.
OKX argues that this has nothing to do with the migration course of and questions the necessity for such disclosure, warning it could take authorized motion if MANTRA’s insurance policies trigger hurt.
Each side declare to behave in good religion, however the dispute reveals rising stress for transparency as token migrations turn out to be extra widespread.
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