MANTRA DAO (OM)

On the $OM vs OKX situation: This is simply my guess as a complete outsider and none of this may be factual. Just some Saturday writing from my bed, speculating on publicly visible commentary. So it seems that they borrowed usdt against $OM on OKX. This loan probably originated from $OM being an approved asset for spot margin trading (I can't remember if this was the case or not but the concept is the same), ie you deposit $OM as margin and receive USDT to trade with. That usdt was used to bid more $OM on the open market, driving price up. Once price fell below the first liquidation level (MMR probably touched 100%+), some $OM was market sold by OKX, driving price down further and causing a chain of liquidations on the loans + futures on other cexes. That's why it dumped so aggro, and when the OKX risk team paid close attention to the accounts that were the heaviest borrowers of USDT, they may have frozen the accounts either under suspection of market manipulation or a lack of proof for where the $OM ori

Dear OKX, I have received your letter on December 10th, 2025. For transparency for our community, I am sharing the contents of the letter in my response. Let me state that we are sincere in supporting the migration, and the answers to your questions in paragraph 4 are as follows: After the ERC20 OM token deprecation event, which will occur on January 15th, 2026, we plan to facilitate the chain upgrade and 1:4 split sometime shortly thereafter. This could be as soon as the following week, but it may take longer depending on coordination with exchanges and other third parties. With respect to the procedure, this will be a chain-level upgrade, which will pass through an onchain proposal roughly several days before the upgrade and split is to take place. I want to confirm that this is not a smart contract change. This is handled at the protocol level by the Bank module. The native gas token changes from uOM (6 decimals) to aMANTRA (18). The redenomination is applied at the upgrade block height by multiplying

OKX just escalated the $OM $MANTRA situation. Good. Now comes the part that matters: receipts. @okx claims: 1. Colluding accounts used OM as collateral to borrow USDT and push price up 2. OKX flagged it, contacted them, they refused 3. OKX “took control” to contain risk → price crashed → “small liquidation” → losses absorbed by Security Fund 4. Third-party analyses say the crash was mainly driven by perps not on OKX 5. Evidence was submitted to regulators; litigation underway That’s a serious set of accusations. But here’s the issue: This is still a narrative without the exchange-side disclosures that would let the public verify it. If OKX wants to be believed, and if they want this industry to mature, then “trust us, regulators have it” isn’t enough. Crypto markets don’t price legal memos. They price transparency. So here are the minimum receipts OKX should publish (redactions acceptable): 1) A full UTC timeline Flag → outreach → refusal → “control taken” → collateral changes → liquidation event

Tag your favorite project 👇

In the spirit of transparency 💎 To move forward we need clarity on how much $OM belongs to users vs. OKX itself. Protecting our community is always our first priority 🫡

OKX stated in a public announcement regarding the MANTRA (OM) incident that it identified multiple related accounts colluding to use large amounts of OM as collateral to borrow USDT, artificially driving up the price. The resulting major losses were fully covered by the OKX insurance fund. Relevant evidence has been submitted to regulators and law enforcement, with multiple lawsuits currently ongoing. https://t.co/D88yNerHxD

our industry needs to clean out the dirty CEX cabals OKX did to $OM what they’ve done to so many with no voice but this time justice shall be served https://t.co/QcOUMw37NS

Dear OKX, I have received your letter on December 10th, 2025. For transparency for our community, I am sharing the contents of the letter in my response. Let me state that we are sincere in supporting the migration, and the answers to your questions in paragraph 4 are as follows: After the ERC20 OM token deprecation event, which will occur on January 15th, 2026, we plan to facilitate the chain upgrade and 1:4 split sometime shortly thereafter. This could be as soon as the following week, but it may take longer depending on coordination with exchanges and other third parties. With respect to the procedure, this will be a chain-level upgrade, which will pass through an onchain proposal roughly several days before the upgrade and split is to take place. I want to confirm that this is not a smart contract change. This is handled at the protocol level by the Bank module. The native gas token changes from uOM (6 decimals) to aMANTRA (18). The redenomination is applied at the upgrade block height by multiplying

OKX stated in a public announcement regarding the MANTRA (OM) incident that it identified multiple related accounts colluding to use large amounts of OM as collateral to borrow USDT, artificially driving up the price. The resulting major losses were fully covered by the OKX insurance fund. Relevant evidence has been submitted to regulators and law enforcement, with multiple lawsuits currently ongoing. https://t.co/D88yNerHxD