Essential highlights:
- MANTRA requires OKX to reveal the variety of OM tokens held by customers and exchanges.
- OKX despatched a proper letter questioning this request, demanding readability on the OM transition, and warning that it might pursue authorized motion if hurt is brought about.
- This battle places the OM transition in a state of public battle.
A public conflict has erupted between cryptocurrency change OKX and MANTRA, the blockchain mission behind the OM/SOM token migration. The problem started when MANTRA council member JP Mullin posted a two-page authorized letter from OKX on social media platform X.
The letter, dated December 10, 2025, questions Mr. Marin’s earlier public feedback concerning OKX’s holdings of OM tokens and raises issues about how MANTRA is dealing with the continuing token migration. OKX stated it “needs to work constructively” with MANTRA and clarified that Marin’s publish shouldn’t essentially be thought of an official assertion from MANTRA.
Pricey OKX
I acquired your letter on December 10, 2025. To extend transparency in our neighborhood, we are going to share the contents of the letter in our responses. We want to let you realize that we sincerely help the transition. The reply to the query in paragraph 4 is: pic.twitter.com/YhL0plp0QZ
— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 12, 2025
The change additionally warned that it might take authorized motion if it feels that MANTRA’s feedback or choices hurt OKX or have an effect on customers’ token balances.
ERC-20 OM deprecation and migration time
The principle situation between OK and MANTRA stems from MANTRA’s plan to close down the outdated ERC-20 model of the OM token and totally migrate to the brand new MANTRA chain-native OM. MANTRA knowledgeable customers that they need to migrate their ERC-20 tokens by January 15, 2026.
Any remaining tokens that aren’t migrated might be thought of forfeited and might be collected by the MANTRA Chain Affiliation, which will provide you with the choice to burn the tokens or use them for neighborhood initiatives.
In his response to OKX, JP Mullin assured the neighborhood that MANTRA is able to work with exchanges to make sure a clean transition of all OM tokens. He additionally shares what’s subsequent on the roadmap.
After the deprecation deadline on January fifteenth, MANTRA will roll out a sequence improve together with a 1:4 token cut up. Which means that the full provide and every consumer’s steadiness might be quadrupled. The chain additionally switches fuel items from uOM (6 decimal locations) to aMANTRA (18 decimal locations).
Extra importantly, you needn’t do something by yourself concerning this explicit improve. The change will deal with all modifications and you’ll solely see your new steadiness as soon as the switch is full.
OKX requests clarification on transition mechanism
Within the letter, the change asks MANTRA to elucidate precisely when and the way future redenominations of OM tokens will happen. Exchanges are asking for an entire timeline, together with when the on-chain proposal might be finalized, the precise date the improve will start, and whether or not consumer balances might be up to date mechanically. The change may even ask if individuals might want to work together with sensible contracts through the redenomination of SOM/OM.
Subsequent, OKX focuses on the governance facet, forcing MANTRA to elucidate how Proposition 26 might be applied in apply. This change gave MANTRA a precedence deadline of December 15, 2025 to supply these particulars.
MANTRA clarifies in its public response that the whole course of is completed on the protocol degree by the Financial institution module, that means no sensible contract actions are required. It additionally states that exchanges can merely observe the traditional process of closing the OM buying and selling pair, ready for the improve, and reopening the market with a brand new MANTRA ticker as soon as the denomination is full.
What number of OM tokens does OKX maintain?
The most important level of competition is that MANTRA asks exchanges to disclose two numbers: one asks what number of OM tokens belong to OKX customers, and the opposite asks what number of OM tokens OKX owns by itself.
Marin stated MANTRA all the time verifies the supply of huge OM strikes for compliance causes, particularly when an change often is the precise proprietor.
OKX claims this has nothing to do with the transition course of, questions the necessity for such disclosure, and warns that it might take authorized motion if MANTRA’s insurance policies trigger hurt.
Whereas each side declare to be performing in good religion, the dispute illustrates the rising strain for transparency as token migration turns into extra frequent.
Additionally learn: Former New York Gov. Andrew Cuomo advises OKX amid federal investigation
