Main highlights:
- MANTRA requires OKX to disclose the number of OM tokens held by users and exchanges.
- OKX sent a formal letter questioning this request, demanding clarity on the OM transition, and warning that it may pursue legal action if harm is caused.
- This conflict puts the OM transition in a state of public conflict.
A public clash has erupted between cryptocurrency exchange OKX and MANTRA, the blockchain project behind the OM/SOM token migration. The issue began when MANTRA council member JP Mullin posted a two-page legal letter from OKX on social media platform X.
The letter, dated December 10, 2025, questions Mr. Marin’s previous public comments regarding OKX’s holdings of OM tokens and raises concerns about how MANTRA is handling the ongoing token migration. OKX said it “wants to work constructively” with MANTRA and clarified that Marin’s post should not necessarily be considered an official statement from MANTRA.
Dear OKX
I received your letter on December 10, 2025. To increase transparency in our community, we will share the contents of the letter in our responses. We would like to let you know that we sincerely support the transition. The answer to the question in paragraph 4 is: pic.twitter.com/YhL0plp0QZ
— JP Mullin (🕉, 🏘️) (@jp_mullin888) December 12, 2025
The exchange also warned that it may take legal action if it feels that MANTRA’s comments or decisions harm OKX or affect users’ token balances.
ERC-20 OM deprecation and migration time
The main issue between OK and MANTRA stems from MANTRA’s plan to shut down the old ERC-20 version of the OM token and fully migrate to the new MANTRA chain-native OM. MANTRA informed users that they must migrate their ERC-20 tokens by January 15, 2026.
Any remaining tokens that are not migrated will be considered forfeited and will be collected by the MANTRA Chain Association, which will give you the option to burn the tokens or use them for community initiatives.
In his response to OKX, JP Mullin assured the community that MANTRA is ready to work with exchanges to ensure a smooth transition of all OM tokens. He also shares what’s next on the roadmap.
After the deprecation deadline on January 15th, MANTRA will roll out a chain upgrade along with a 1:4 token split. This means that the total supply and each user’s balance will be quadrupled. The chain also switches gas units from uOM (6 decimal places) to aMANTRA (18 decimal places).
More importantly, you don’t need to do anything on your own regarding this particular upgrade. The exchange will handle all changes and you will only see your new balance once the transfer is complete.
OKX requests clarification on transition mechanism
In the letter, the exchange asks MANTRA to explain exactly when and how future redenominations of OM tokens will occur. Exchanges are asking for a complete timeline, including when the on-chain proposal will be finalized, the exact date the upgrade will begin, and whether user balances will be updated automatically. The exchange will also ask whether people will need to interact with smart contracts during the redenomination of SOM/OM.
Next, OKX focuses on the governance aspect, forcing MANTRA to explain how Proposition 26 will be implemented in practice. This exchange gave MANTRA a priority deadline of December 15, 2025 to provide these details.
MANTRA clarifies in its public response that the entire process is done at the protocol level through the Bank module, meaning no smart contract actions are required. It also states that exchanges can simply follow the normal procedure of closing the OM trading pair, waiting for the upgrade, and reopening the market with a new MANTRA ticker once the denomination is complete.
How many OM tokens does OKX hold?
The biggest point of contention is that MANTRA asks exchanges to reveal two numbers: one asks how many OM tokens belong to OKX users, and the other asks how many OM tokens OKX owns on its own.
Marin said MANTRA always verifies the source of large OM moves for compliance reasons, especially when an exchange may be the actual owner.
OKX claims this has nothing to do with the transition process, questions the need for such disclosure, and warns that it may take legal action if MANTRA’s policies cause harm.
While both sides claim to be acting in good faith, the dispute illustrates the growing pressure for transparency as token migration becomes more common.
Also read: Former New York Gov. Andrew Cuomo advises OKX amid federal investigation
