The post OKX-MANTRA Dispute Escalates Amid OM Token Transition appeared on BitcoinEthereumNews.com. Key Highlights: MANTRA challenges OKX to disclose how many OMThe post OKX-MANTRA Dispute Escalates Amid OM Token Transition appeared on BitcoinEthereumNews.com. Key Highlights: MANTRA challenges OKX to disclose how many OM

OKX-MANTRA Dispute Escalates Amid OM Token Transition

2025/12/12 22:22

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.

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

Source: https://www.cryptonewsz.com/okx-mantra-spar-om-token-disclosure-migration/

ການປະຕິເສດຄວາມຮັບຜິດຊອບ: ບົດຄວາມທີ່ໂພສຄືນໃໝ່ຢູ່ໃນເວັບໄຊທ໌ນີ້ມາຈາກເວທີສາທາລະນະ ແລະ ແມ່ນເພື່ອຈຸດປະສົງຂໍ້ມູນຂ່າວສານເທົ່ານັ້ນ. ມັນບໍ່ຈໍາເປັນຕ້ອງສະທ້ອນທັດສະນະຂອງ MEXC. ລິຂະສິດທັງໝົດຍັງຄົງຢູ່ກັບຜູ້ຂຽນຕົ້ນສະບັບ. ຖ້າ​ຫາກ​ທ່ານ​ເຊື່ອ​ວ່າ​ເນື້ອ​ຫາ​ໃດ​ຫນຶ່ງ​ລະ​ເມີດ​ສິດ​ທິ​ຂອງ​ບຸກ​ຄົນ​ທີ​ສາມ​, ກະ​ລຸ​ນາ​ຕິດ​ຕໍ່​ຫາ service@support.mexc.com ເພື່ອ​ໃຫ້​ເອົາ​ມັນ​ອອກ​. MEXC ບໍ່ຮັບປະກັນຄວາມຖືກຕ້ອງ, ຄວາມສົມບູນ, ຫຼື ຄວາມທັນເວລາຂອງເນື້ອຫາ ແລະ ບໍ່ຮັບຜິດຊອບຕໍ່ການກະທຳໃດໆທີ່ປະຕິບັດຕາມຂໍ້ມູນທີ່ສະໜອງໃຫ້. ເນື້ອຫານີ້ບໍ່ໄດ້ປະກອບເປັນຄໍາແນະນໍາດ້ານການເງິນ, ທາງດ້ານກົດໝາຍ ຫຼື ດ້ານວິຊາຊີບອື່ນໆ ແລະ ບໍ່ຄວນຖືວ່າເປັນຄໍາແນະນໍາ ຫຼື ການຮັບຮອງໂດຍ MEXC.

ທ່ານອາດຈະມັກຄືກັນ

SEC issues investor guide on crypto wallets and custody risks

SEC issues investor guide on crypto wallets and custody risks

The SEC released a guide on crypto wallets and custody for investors.
ແບ່ງປັນ
Cryptopolitan2025/12/14 08:38
UK Looks to US to Adopt More Crypto-Friendly Approach

UK Looks to US to Adopt More Crypto-Friendly Approach

The post UK Looks to US to Adopt More Crypto-Friendly Approach appeared on BitcoinEthereumNews.com. The UK and US are reportedly preparing to deepen cooperation on digital assets, with Britain looking to copy the Trump administration’s crypto-friendly stance in a bid to boost innovation.  UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed on Tuesday how the two nations could strengthen their coordination on crypto, the Financial Times reported on Tuesday, citing people familiar with the matter.  The discussions also involved representatives from crypto companies, including Coinbase, Circle Internet Group and Ripple, with executives from the Bank of America, Barclays and Citi also attending, according to the report. The agreement was made “last-minute” after crypto advocacy groups urged the UK government on Thursday to adopt a more open stance toward the industry, claiming its cautious approach to the sector has left the country lagging in innovation and policy.  Source: Rachel Reeves Deal to include stablecoins, look to unlock adoption Any deal between the countries is likely to include stablecoins, the Financial Times reported, an area of crypto that US President Donald Trump made a policy priority and in which his family has significant business interests. The Financial Times reported on Monday that UK crypto advocacy groups also slammed the Bank of England’s proposal to limit individual stablecoin holdings to between 10,000 British pounds ($13,650) and 20,000 pounds ($27,300), claiming it would be difficult and expensive to implement. UK banks appear to have slowed adoption too, with around 40% of 2,000 recently surveyed crypto investors saying that their banks had either blocked or delayed a payment to a crypto provider.  Many of these actions have been linked to concerns over volatility, fraud and scams. The UK has made some progress on crypto regulation recently, proposing a framework in May that would see crypto exchanges, dealers, and agents treated similarly to traditional finance firms, with…
ແບ່ງປັນ
BitcoinEthereumNews2025/09/18 02:21