Headline: Can MANTRA recover? Token migration, exchange freeze and a public blame game leave OM holders in limbo
Summary
Mantra’s native ERC‑20 token OM has been at the center of a public standoff between the project and major exchange OKX after the token’s price collapsed. With a planned migration that will convert OM into a new MANTRA token (finalized by January 15, 2026), investors are left wondering whether the chain can move beyond the controversy and regain momentum.
What happened
- In April OM experienced a catastrophic collapse — reported declines of more than 99% — and the fallout sparked a heated dispute between Mantra’s team and OKX.
- OKX accused parties linked to the project of borrowing “significant amounts of USDT” and using OM as collateral to artificially inflate price. The exchange says its risk team froze accounts and liquidated a portion of OM after a modest price move, which precipitated broader selling across platforms. OKX also raised questions about “where those unusually large quantities of OM originated” and why a small group controlled a large share of supply. (Source: X)
- Mantra pushed back, calling OKX’s portrayal a “misleading narrative.” CEO JP Mullin denied any ongoing litigation between MANTRA or himself and OKX, saying the dispute “is between them and other larger traders/investors of OM.” (Source: X)
Market context and token metrics
- OM enjoyed a dramatic late‑2024 rally that extended into February 2025, posting roughly a 600% gain at its peak. The token later shed gains amid market headwinds and plunged more than 80% after OKX froze accounts and alleged manipulation.
- At time of writing OM trades near $0.07 and sentiment in the futures market is heavily bearish, per CoinGlass.
- Despite the turmoil, more than 36,000 addresses still hold OM ahead of the migration.
The migration and product roadmap
- Mantra is transitioning its token and network: OM (ERC‑20) will be converted into MANTRA as the protocol moves off Ethereum and toward its own chain architecture. The migration is scheduled to be completed by January 15, 2026.
- OKX reached out to Mantra about assisting with conversions for OM balances on the exchange. OKX claimed legal steps were in motion related to the situation; Mantra’s leadership denied such litigation with the exchange.
- Separately, the chain has continued product development, including plans for a stablecoin called MantraUSD — signaling the team is still building despite the headline risk.
Community reaction and questions
- Some community members have publicly questioned OKX’s motives. One critic asked why the exchange didn’t simply delist OM and allow withdrawals if it believed the token was a scam, suggesting the issue could involve internal exposure once migration timelines became relevant.
- With accusations flying on both sides, holders face uncertainty: will migration and product progress restore trust, or will the exchange conflict and supply‑concentration concerns weigh on the token’s recovery?
Bottom line
Mantra’s migration to MANTRA is a clear roadmap milestone that could reset the project’s narrative, but lingering allegations of market manipulation, account freezes and public disputes with OKX complicate the path forward. The token’s low price and bearish futures sentiment reflect investor wariness; whether adoption, new products like MantraUSD, and a clean migration can rebuild confidence remains to be seen.
Disclaimer
This report is informational and not financial advice. Crypto investing carries high risk; do your own research before trading.
Read more AI-generated news on: undefined/news
