MANTRA and OKX Exchange Formal Letters, Signaling Potential Easing of Tensions After Public Spat
Two major players in the crypto arena appear to be stepping back from the brink. MANTRA and OKX have exchanged formal letters, a move industry watchers interpret as the first step toward de-escalation after a recent, very public war of words.
The Paper Trail of Peace
Forget Twitter fingers—this is old-school corporate diplomacy. The exchange of formal letters suggests both parties are opting for private channels over public mudslinging. It's a classic 'cooling-off' maneuver, often used to create space for actual negotiation without losing face. In crypto's Wild West, where announcements are made via meme, this is practically a white flag and a handshake.
Why the Sudden Civility?
Public feuds are great for engagement metrics but terrible for business stability. For platforms built on trust and liquidity, prolonged uncertainty spooks users and, more importantly, institutional partners. This pivot to private correspondence hints that cooler heads have prevailed, recognizing that a fractured ecosystem helps no one—except maybe short-sellers and rival exchanges watching the drama unfold.
A Cautious Road Ahead
Letters are a start, not a solution. The core issues that sparked the spat—be it governance, listings, or protocol integration—remain on the table. The real test will be whether these documents lead to tangible agreements or simply become another footnote in crypto's long history of temporary truces. After all, in finance, a handshake deal is only as good as the legal team backing it up.
For an industry that often confuses volatility with vitality, this shift toward formal dialogue is a minor victory for maturity. Whether it lasts is another question—cynics might note that in crypto, the 'collaboration' phase often just means both sides are waiting for a better moment to strike.
Transparency demands and formal warnings
The dispute between the two parties reached new heights on December 12, after OKX shared a long and detailed post on X on what happened during the crash of the OM token, in what it labeled as “clarify the facts,” adding that the “MANTRA team continues to push a misleading narrative.”
Last week, Mullin publicly questioned OKX’s handling of the token migration and demanded disclosure of the exchange’s OM holdings. On December 8, he shared on X that OKX’s migration announcement contained factual errors, claiming the exchange had unilaterally created specific dates without consulting MANTRA.
OKX responded with a letter demanding that MANTRA commit to migration plans by December 20, or face delisting procedures.
MANTRA’s reply adopted more diplomatic language compared to the previous week, expressing full support for ensuring proper migration procedures.
Mullin stated that MANTRA will itself handle the migration of 100% of OM tokens under OKX’s control.
He wrote, “Given the size of you and your users’ holdings, we will migrate manually for maximum safety and assurance that it will be conducted with accuracy and efficiency. The exact process is one that we have used with several other exchanges and is tried and tested.”
He further outlined a detailed process involving tranches of approximately 20 million OM tokens sent to a specific EVM address, with each batch taking roughly 15 minutes to complete.
Mullin asked the OKX team to provide the MANTRA address they wish to use for the proposed migration process as a first step.
Will OKX agree to MANTRA’s proposed migration date?
The current friction has reopened wounds from April 2025, when OM crashed by more than 90% in hours, erasing over $5 billion in market capitalization.
Given the state of their relationship, OKX agreeing to MANTRA’s proposed timeline is currently unknown, and their next MOVE will be monitored closely. This is a developing story.
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