Manta Network Accused of Money Laundering in South Korea
Allegations of money laundering have surfaced against the Manta Network in South Korea on the same day it was listed on Binance, Bithumb, and KuCoin. The accusations claim that money laundering activities took place through the Bithumb exchange. These allegations come after the Manta Network experienced a DDoS attack.
Reasons Behind Suspicions of Money Laundering
A post on X by Definalist revealed that 2 million MANTA tokens were transferred to the personal wallet of MANTA’s Korean Business Development representative. This transaction occurred on the day of MANTA’s listing on Binance. Shortly after, 2 million MANTA tokens were deposited into a Bithumb wallet, accounting for over 75% of the exchange’s total circulation volume. The price of MANTA on Bithumb then skyrocketed to $230 within just 5 minutes of listing.
The Korean BD allegedly sold all 2 million MANTA tokens at a premium, converting the proceeds to Ethereum and transferring them to their personal wallet.
Manta Network Responds to Allegations
Manta Network addressed these claims by explaining that part of the community funds were allocated to the Korean BD as part of their project to establish a branch in South Korea. They also announced plans to expand their presence in Asia by setting up a branch in Hong Kong.
DDoS Attack Hits Manta Network After Binance Listing
Manta Network faced a significant distributed denial-of-service (DDoS) attack immediately after its token was listed on Binance. The blockchain’s nodes were bombarded with over 135 million remote procedure call (RPC) requests. Despite the attack, the blockchain remained secure and funds were unaffected, although communication between applications and the blockchain was impacted.
Following the attack, the price of Manta crypto experienced a decline, but trading volume surged with over $1.2 billion worth of Manta traded on the first day.
Hot Take: Manta Network Faces Controversy Amid Listing
The Manta Network finds itself in the midst of controversy as it faces allegations of money laundering in South Korea on the day of its listing on major exchanges. The suspicious transactions and price manipulation have raised concerns within the crypto community, especially considering South Korea’s strict regulations on financial transactions. Additionally, the network suffered a DDoS attack shortly after its listing, adding to the challenges it faces. While Manta Network has refuted the money laundering claims and assured the security of funds during the attack, these events have undoubtedly affected its reputation and market performance.
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