OKX alleges Mantra spread a misleading narrative about OM and that multiple connected accounts used large quantities of OM as collateral to borrow USDT, artificially inflating OM’s price before a collapse. OKX says its risk team flagged the activity, requested corrections, and — after account holders refused — took control of the related accounts; only a small portion of OM was liquidated and losses were absorbed by the OKX Security Fund. Third‑party analysis cited by OKX indicates the sharp price drop was largely driven by perpetual trading outside OKX. Mantra CEO JP Mullin urged OM holders to withdraw tokens from OKX, disputed OKX’s proposed migration timeline (stating ERC‑20 OM cannot be migrated before deprecation on Jan 15, 2026), and confirmed a protocol‑level redenomination (1:4) requiring no user action. OKX sent a Dec. 10 letter rebutting Mullin’s public comments, has submitted evidence to regulators, and multiple legal proceedings are now underway, leaving migration details and exchange custody of OM unclear for holders.

OKX alleges coordinated use of OM as collateral to borrow USDT and claims it seized accounts after holders refused corrections; only a small portion of OM was liquidated and losses were covered by OKX’s Security Fund. Mantra’s CEO disputes the migration timeline and urges withdrawals while OKX has submitted evidence to regulators and multiple legal proceedings are ongoing, creating custody and migration uncertainty for OM holders.