Key Highlights:
- MANTRA challenges OKX to disclose how many OM tokens are held by users and the exchange.
- OKX sent a formal letter questioning this request, demanding clarity on OM migration and warning it may pursue legal options if harmed.
- This conflict shifts the OM migration into a public standoff.
A public clash has broken out between crypto exchange OKX and MANTRA, the blockchain project behind the OM/SOM token migration. The issue started when MANTRA council member JP Mullin posted a two-page legal style letter from OKX on social media platform X.
The letter, dated December 10, 2025, questions Mullin’s earlier public comments about OM tokens that OKX holds and raises concerns about how MANTRA is handling its ongoing token migration. OKX says it wants to “work constructively” with MANTRA and makes it clear that Mullin’s posts are not necessarily viewed as official MANTRA statements.
Dear OKX,
I have received your letter on December 10th, 2025. For transparency for our community, I am sharing the contents of the letter in my response. Let me state that we are sincere in supporting the migration, and the answers to your questions in paragraph 4 are as… pic.twitter.com/YhL0plp0QZ
— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 12, 2025
The exchange also warns that it can take legal actions if it feels MANTRA’s comments or decision harm OKX or affects the token balances of its users.
ERC-20 OM Deprecation and Migration Time
The main issue between OK and MANTRA comes from MANTRA’s plan to shut down the old ERC-20 version of its OM token and fully move to the new MANTRA Chain-native OM. MANTRA has told users that they must migrate their ERC-20 tokens by January 15, 2026.
Any tokens left unmigrated will be considered forfeit and taken back by the MANTRA Chain Association, and they may choose to burn them or use them for community initiatives.
In his reply to OKX, JP Mullin assures the community that MANTRA is ready to work with the exchange so that all OM tokens can be migrated smoothly. He also shares what comes next in the roadmap.
After the January 15 deprecation deadline, MANTRA will roll out a chain upgrade along with a 1:4 token split. This means that the total supply, and every user’s balance, will be multiplied by four. The chain will also switch its gas unit from uOM (6 decimals) to aMANTRA (18 decimals).
More importantly, users won’t need to do anything themselves for this particular upgrade. Exchanges will be the ones that will be handling all the changes on their side, and the new balances will simply appear once the transition is complete.
OKX Demands Clarification on Migration Mechanics
In this letter, the exchange asks MANTRA to spell out exactly how and when the upcoming OM token redenomination will happen, The exchanges wants a full timelines, as to when the on-chain proposal will be finalized, the exact date the upgrade will go live and whether users balances will update automatically. The exchange also asks whether people will need to interact with any smart contract during the SOM/OM redenomination.
OKX then focuses on the governance side, pushing MANTRA to explain how “Proposal 26” will actually be carried out. The exchange gives MANTRA a preferred deadline of December 15, 2025 to provide these details.
In its public response, MANTRA clarifies that the entire process will happen at the protocol level through the Bank module, which means that no smart contract actions are needed. It also says exchanges just need to follow their normal procedure which is to close OM trading pairs, wait for the upgrade, and then reopen markets under the new MANTRA ticker once the redenomination is complete.
How Many OM Tokens Does OKX Hold?
The biggest point of conflict is MANTRA asking the exchange to reveal two numbers, one of them is asking how many OM tokens belong to OKX’s users and second, how many OM tokens OKX holds for itself.
Mullin says MANTRA always verifies the source of large OM movements for compliance reasons, especially when an exchange might be the actual owner.
OKX argues that this has nothing to do with the migration process and questions the need for such disclosure, warning it may take legal action if MANTRA’s policies cause harm.
Both sides claim to act in good faith, but the dispute shows growing pressure for transparency as token migrations become more common.
Also Read: Former NY Governor Andrew Cuomo Advised OKX Amid Federal Probe
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