Mantra CEO tells OM holders to withdraw from OKX over ‘inaccurate’ migration plan

cointelegraphPublicado a 2025-12-08Actualizado a 2025-12-08

Resumen

Mantra CEO John Patrick Mullin has urged users to withdraw their OM tokens from the OKX exchange, accusing the platform of posting an "inaccurate" migration plan. Mullin claims OKX provided incorrect dates and details about the upcoming token migration from an Ethereum-based ERC-20 token to a native Mantra Chain token. He stated that OKX has not communicated with Mantra since April 13, when the OM token crashed over 90%, an event Mantra attributed to aggressive exchange leverage policies. Mullin advised users to avoid relying on OKX and complete the migration independently. The official migration is set to occur after January 15, contrary to OKX’s announced December timeline.

Tensions between blockchain platform Mantra and crypto exchange OKX are rising after Mantra accused the exchange of posting incorrect information about its token migration.

In a Monday X post, Mantra CEO John Patrick Mullin urged users of centralized cryptocurrency exchange (CEX) OKX to withdraw their Mantra (OM) tokens and cut their “dependency” on the platform.

“Users should consider withdrawing their OM tokens from OKX[...]. Avoid OKX Exchange Dependency: Complete migration without relying on potentially negligent or malicious intermediaries,” said Mullin.

His warning came in response to a Friday announcement from OKX about supporting the incoming OM token migration.

Related: BitMine buys $199M in Ether as smart money traders bet on ETH decline

According to Mullin, the OKX post contained multiple inaccuracies, including false migration and implementation dates.

OKX said the migration would occur between Dec. 22 and Dec. 25. Mantra’s governance proposal, by contrast, states that the migration will only take place after the Jan. 15 deprecation of the Ethereum-based ERC-20 OM token.

Mullin also said OKX’s post referenced “arbitrary dates throughout December 2025,” while Mantra has not yet announced an official implementation date.

He claimed OKX has not communicated with Mantra since “the events” of April 13, while Mantra has “helpfully [been] communicating with all other major exchanges regarding our migration.”

*OKX’s OM Crypto Migration post. Source:* *okx.com*

During the incoming migration, the OM token will migrate from an Ethereum-native ERC-20 token to a Mantra Chain-native token.

Cointelegraph has contacted OKX for comment but had not received a response by publication time.

Related: Prediction markets emerge as speculative ‘arbitrage arena’ for crypto traders

April crash still casting a shadow

On April 13, the Mantra’s OM token price fell by over 90% from around $6.30 to below $0.50.

*OM/USD, 1-day chart. Source:* *Coingecko.com*

On April 30, Mantra published a post-mortem report that blamed the aggressive trading policies and high leverage on cryptocurrency exchanges for the token crash.

“Liquidation cascades could happen to any project in the crypto industry,” Mullin said in the post, pointing to the role of “aggressive leverage positions” on exchanges as a broader threat to investor safety.

Mullin also urged exchanges to review their leverage policies while implementing a transparency dashboard for OM tokenomics, along with announcing the burning of 150 million staked OM tokens, permanently removing them from circulation in a bid to tighten the token’s supply.

Magazine: If the crypto bull run is ending... it’s time to buy a Ferrari — Crypto Kid

Lecturas Relacionadas

In Conversation with Ray Dalio: We Are Currently in an AI Bubble, with 1% of My Portfolio in Bitcoin

Ray Dalio, founder of Bridgewater Associates, warns in an interview that the current AI boom shows classic bubble characteristics, which could lead to significant economic downturns as seen in past cycles like 1929 or 2000. He explains that speculative enthusiasm, fueled by debt and overvaluation, often precedes a crash when rising rates or taxation force asset sales, causing widespread losses and recession. Dalio also outlines his "Big Cycle" theory, describing an approximate 80-year pattern where widening wealth gaps, massive government deficits, and shifting geopolitical power (like China's rise) create internal conflict and global instability. He emphasizes that we are in a late-cycle, transitional phase where traditional powers like the US and UK face decline. For personal wealth protection, Dalio advises diversification beyond cash into assets like stocks, bonds, real estate, and particularly gold, which he prefers over Bitcoin. While he holds about 1% of his portfolio in Bitcoin as a non-printable hard asset, he views gold as more secure from technological or governmental threats. Regarding AI's impact, Dalio believes it will disproportionately benefit capital owners, worsening inequality by replacing both physical and cognitive labor. He suggests that human intuition and emotional intelligence, combined with AI, will be key for future workers. On taxation, Dalio argues that wealth taxes are impractical and risk triggering asset sell-offs, reducing productive investment. He points to the UK as a cautionary example of debt, low productivity, and political strife. Geopolitically, Dalio foresees a more regionalized world, with the US showing weakness in prolonged conflicts like with Iran, akin to past imperial declines. The ideal outcome, he suggests, is coexisting powerful blocs (e.g., Americas, China-Asia Pacific) without major war.

marsbitHace 2 hora(s)

In Conversation with Ray Dalio: We Are Currently in an AI Bubble, with 1% of My Portfolio in Bitcoin

marsbitHace 2 hora(s)

Daily 7.2 Trillion KRW: Foreign Capital's Record Net Buying on Friday! Wall Street Says Headwinds for Korean Stock Fund Flows Have Subsided

South Korean stock market sees a dramatic shift in fund flows. On July 31, foreign investors made a record net purchase of approximately KRW 7.2 trillion in KOSPI stocks, marking a fundamental reversal from the persistent large-scale net outflows seen in previous months. This contributed to a significant narrowing of foreign net selling in July to KRW 9.8 trillion, down sharply from KRW 48.4 trillion in June and KRW 44.5 trillion in May. Simultaneously, domestic institutional pressure eased. South Korean pension funds and asset managers turned to a net buying position in July, purchasing KRW 1.0 trillion worth of KOSPI shares, contrasting with net sales in May and June. Market volatility is expected to be dampened by new financial regulations. Effective July 31, the Financial Services Commission tightened access for retail investors to single-stock leveraged ETFs by raising the minimum cash deposit requirement. Trading volumes for these products subsequently dropped to about 50% of their monthly average. Citigroup Research maintains its year-end KOSPI target of 10,000 points. The firm cites several supportive factors: the substantial easing of headwinds from capital outflows, a robust fundamental outlook for the semiconductor sector, historically low market valuations, strong economic fundamentals, and the potential for policy support from financial authorities if needed.

marsbitHace 2 hora(s)

Daily 7.2 Trillion KRW: Foreign Capital's Record Net Buying on Friday! Wall Street Says Headwinds for Korean Stock Fund Flows Have Subsided

marsbitHace 2 hora(s)

Breaking! OpenAI's Next-Gen AI Solves 10 Fields Medal-Level Problems

OpenAI's next-generation AI model Astra achieves breakthroughs in 10 long-standing mathematical conjectures. The results, including constructing the first known infinite, finitely presented non-sofic group—resolving a major question since 1999—and advancing the high-dimensional sphere packing problem beyond a 46-year-old barrier, are detailed in a 249-page paper. Key proofs have been formally verified using Lean 4. The AI also refuted a rigidity conjecture by Fields Medalist Alain Connes. According to OpenAI, generating these proofs cost under $2,000. Experts describe the findings as potentially Fields Medal-worthy and a landmark moment for both mathematics and AI, showcasing the model's ability to produce profound, human-like reasoning across diverse fields like group theory, geometry, and operator algebras.

marsbitHace 4 hora(s)

Breaking! OpenAI's Next-Gen AI Solves 10 Fields Medal-Level Problems

marsbitHace 4 hora(s)

How to Make Yourself Irreplaceable by AI Forever

This article argues that the primary threat from AI is not job replacement, but remaining trapped in "wage slavery"—financial dependence on employers. The path to becoming irreplaceable is not resisting AI, but becoming an "unemployable" individual who builds their own meaningful enterprise. The author identifies five key elements for this: Agency (acting without permission), Taste (judging what's worthwhile), Persuasion, Persistence, and Iteration. The solution is to stop being a "pawn" in someone else's game. To start, you must fundamentally change your identity and environment, then engage in rapid, real-world trial and error. While both coding and creating media (content) are powerful, content is more crucial. AI can generate assets, but true value lies in subjective, human-driven content that builds trust and narrative. The actionable advice is to carve out 15 minutes to answer foundational questions: 1) Uncover your "raw material"—what you know deeply or solve effortlessly. 2) Define your contrarian perspective—what common beliefs you think are wrong. The intersection of these answers is your direction. Finally, you must launch by publishing your first core idea immediately, using the feedback to iterate and develop the skills needed for a self-directed life and career.

marsbitHace 4 hora(s)

How to Make Yourself Irreplaceable by AI Forever

marsbitHace 4 hora(s)

Thanks to Dice Rolls, Bitcoin Keys Are Stored Offline, But Not Everyone Will Do It

The article discusses using dice rolls to generate secure Bitcoin wallet seeds, providing entropy independent of potentially flawed hardware random number generators. It explains that each fair dice roll offers about 2.585 bits of entropy, with around 50 rolls needed for a standard 12-word seed phrase and 99+ recommended for higher security. This method gained attention after a vulnerability was revealed in some Coldcard hardware wallets, where a faulty firmware RNG (dating back to 2021) compromised generated keys. The analysis notes that while a dice-generated main seed was safe from this specific flaw, other Coldcard functions (like creating paper wallets, backup keys, or passwords) could still be vulnerable if they used the defective RNG. The piece argues that while dice-based entropy is technically robust, the manual process is error-prone, tedious, and unrealistic for most new users, who might make mistakes in recording or inputting rolls. It concludes that while manual entropy generation should remain an option for advanced users, the long-term goal is to develop reliable, user-friendly hardware and software that securely generates randomness without requiring specialized knowledge. Coldcard users are advised to check their firmware version and replace any secondary secrets (like paper wallet keys) created with vulnerable devices, while also considering multi-signature setups with devices from different manufacturers for added security.

cryptonews.ruHace 7 hora(s)

Thanks to Dice Rolls, Bitcoin Keys Are Stored Offline, But Not Everyone Will Do It

cryptonews.ruHace 7 hora(s)

Trading

Spot