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OKX and Mantra Team Clash Over OM Token Price Crash
Mantra’s OM token has seen a dramatic crash of over 99% since April, leaving both the project team and crypto exchange OKX in a public dispute that has sparked confusion among investors. According to the exchange, “the team borrowed significant amounts of USDT and used OM as collateral to inflate the price of the token.” Following these alleged manipulations, OKX’s risk team froze accounts and liquidated a portion of OM, which triggered widespread sell-offs across other platforms.
OKX added, “There has been no explanation of where those unusually large quantities of OM originated, nor why these groups of individuals held and controlled such a substantial portion of the token supply.” The exchange described the Mantra team’s accusations as a “misleading narrative.”
Community Reactions
Reactions among users have been mixed. Park Yong, a community member, questioned the exchange’s approach, asking, “If OKX genuinely viewed $OM as a scam, the response would be simple: delist it, allow withdrawals, and move on.” He further speculated on whether internal exposure related to OM influenced the exchange’s actions.
Upcoming Migration to MANTRA
Mantra is preparing to transition from an ERC-20 governance token to a fully fledged Layer 1 token, MANTRA, with the migration scheduled for January 15, 2026. OKX reportedly coordinated with the team to facilitate OM token conversions, while the project’s CEO JP Mullin emphasized, “Neither MANTRA or myself have any ongoing litigation or legal actions ongoing with OKX. This is between them and other larger traders/investors of OM.”
Price History and Outlook
OM experienced a 600% rally in late 2024 extending into early 2025. Despite a partial retracement due to market conditions, the token collapsed over 80% following account freezes and manipulation allegations. As of press time, OM traded at $0.07, with bearish sentiment prevailing in the Futures market according to CoinGlass.
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