Mantra’s OM extends 2025 loss to 99% – Why the team blames OKX 

Since Mantra’s OM token crashed by over 99% in April, the undertaking staff and crypto change OKX have been embroiled in an ongoing blame recreation on the expense of buyers. 

In a current assertion, the change claimed that the staff borrowed ‘important quantities of USDT’ and used OM as collateral to ‘inflate’ the worth of the token. 

Following the worth manipulation, the change’s threat staff was compelled to freeze the accounts and liquidate a portion of Mantra [OM] after the worth fell barely, triggering an aggressive sell-off throughout different platforms. 

OKX added, 

“There was no clarification of the place these unusually giant portions of OM originated, nor why these teams of people held and managed such a considerable portion of the token provide.”

Supply: X

The change known as the Mantra staff’s accusations a ‘deceptive narrative.’ 

Combined reactions to OM’s worth crash

Nevertheless, different customers, like Park Yong, questioned OKX’s curiosity and posed, 

“If OKX  genuinely seen $OM as a rip-off, the response could be easy: delist it, enable withdrawals, and transfer on.” 

He added, 

“Is that this actually about consumer safety, or is there inside publicity associated to $OM that grew to become uncomfortable as soon as migration timelines got here into play?”

For the unfamiliar, Mantra is a tokenization-focused protocol that can be migrating into a totally fledged Layer 1 (L2) from Ethereum.

In consequence, it should change its ERC-20 governance token, OM, to MANTRA., The migration can be finalized by the fifteenth of January 2026.

With the migration schedule, OKX reached out to the staff to assist facilitate the conversion of its OM holdings. 

Though the change stated that there have been authorized actions underway, Mantra CEO JP Mullin denied such actions, affirming, 

“Neither MANTRA or myself have any ongoing litigation or authorized actions ongoing with OKX. That is between them and different bigger merchants/buyers of OM.”

Supply: X

Mantra reverses 600% achieve

Through the late 2024 rally, which prolonged into February 2025, OM posted a 600% achieve.

Though it erased a part of the positive aspects amid early 2025 tariff headwinds, it dumped over 80% after OKX froze the staff accounts amid manipulation claims. 

Supply: OM worth efficiency (TradingView)

As of press time, OM traded at $0.07 and had been experiencing overwhelmingly bearish sentiment within the Futures market, in accordance with CoinGlass. 

However past the worth chart, the chain has been positioning itself with new merchandise, together with a stablecoin, MantraUSD.

There are nonetheless over 36K holders of OM forward of the migration. It stays to be seen whether or not the migration will assist the chain transfer previous the OKX and undertaking staff scandal. 

Ultimate Ideas 

• The Mantra staff and OKX have denied crashing the OM worth by over 90% in 2025. 
• Giant OM buyers had been reportedly suing OKX for losses, in accordance with the Mantra chain CEO.