OKX and Mantra conflict over OM token manipulation claims as token migration and regulatory investigations intensify.
A dispute between cryptocurrency trade OKX and the Mantra undertaking has escalated following allegations of value manipulation involving the OM token. The battle facilities on claims that coordinated accounts manipulated OM’s worth utilizing it as collateral for giant USDT loans.
OKX claims to have acted in response to irregular buying and selling conduct, whereas Mantra’s management calls for full transparency relating to token holdings and transaction practices.
Mantra CEO Seeks Token Transparency
Mantra CEO John Patrick Mullin responded to OKX’s allegations with an open letter, revealed on Twitter, requesting full disclosure from the trade.
Mullin requested OKX to offer particulars on what number of OM tokens belong to customers versus what stays on the corporate’s stability sheet. He additionally addressed confusion over the upcoming OM token migration.
The continued points between OKX and @MANTRA_Chain are muddying the waters for $OM holders.
However contemplate this:
Mantra founder @jp_mullin888 has leaned into RADICAL transparency whereas OKX is at the moment doing a PR marketing campaign, probably to avoid wasting face. https://t.co/cTnhmektP0
— Joe 2.0🎙️ (@joe4deadcat) December 13, 2025
In line with Mullin, the present ERC-20 model of OM can be deprecated on January 15, 2026. After that, the token will bear a protocol-level improve and a 1:4 token break up.
Mullin clarified that customers won’t have to take motion throughout this course of, aiming to dispel issues amongst token holders.
OKX Claims Coordinated Manipulation and Defends Actions
In its response, OKX rejected the claims made in Mullin’s letter and acknowledged that it had acted to guard market integrity.
The trade accused a number of accounts of coordinating to make use of OM as collateral for USDT borrowing, which it says led to synthetic inflation of OM’s value. OKX’s inner danger crew flagged the conduct and requested that the account holders alter their positions, however acquired no cooperation.
Following these developments, OKX intervened by taking management of the concerned accounts. The OM token skilled a pointy value drop quickly after.
OKX acknowledged that it had liquidated solely a restricted quantity of OM and absorbed associated losses utilizing its Safety Fund. The trade additionally famous that exterior perpetual buying and selling exercise on OKX contributed to the worth crash.
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Authorized and Regulatory Actions Underway
OKX confirmed that it has submitted its findings and documentation to regulatory authorities and legislation enforcement.
It maintained that it adopted all inner protocols and acted responsibly in response to suspicious exercise. The trade additionally questioned the origin of intensive OM holdings by some entities concerned within the scenario.
OKX accuses @MANTRA_Chain of deceptive $OM holders, seizes accounts and triggers authorized fights over OM migration and custody@okx alleges Mantra unfold a deceptive narrative about OM and that a number of linked accounts used massive portions of OM as collateral to borrow USDT,…
— MartyParty (@martypartymusic) December 13, 2025
Regardless of OKX’s stance, Mullin has continued to name for additional transparency. He believes the dispute stems from a scarcity of readability across the OM token migration course of and maintains that the general public deserves extra perception into OKX’s OM token administration.
The matter stays underneath investigation, with each events holding their positions amid ongoing authorized processes.