Zero-knowledge L2 blockchain Manta Network accused of money laundering
After suffering a DDoS attack, Manta Network has been accused of money laundering in South Korea. According to a Twitter post, 2 million MANTA tokens were transferred to the personal wallet of Manta’s Korean Business Development representative shortly after the blockchain was listed on Binance. These tokens were then deposited into a Bithumb wallet, accounting for over 75% of the exchange’s total circulation volume. The price of MANTA on Bithumb experienced a significant surge, reaching $230, and the BD sold all 2 million tokens at a premium, converting the proceeds to Ethereum.
Manta Network defends transaction as part of operational strategy
Manta Network released a statement addressing the allegations of money laundering. They explained that the allocation of community funds to the Korean BD was in line with their token economic model and aimed to establish a branch in South Korea.
DDoS Attack on Manta resolved, co-founder confirms
Manta Network also faced a DDoS attack after listing its MANTA token on various exchanges. Co-founder Kenny Li stated that the attack involved over 135 million RPC requests but reassured users that network access was being restored and operations were proceeding as usual.
MANTA token trading at $2.20 after recovery
As of now, the MANTA token is trading at $2.20 with a market cap of $545.76 million according to CoinMarketCap.
Hot Take: Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack
Manta Network finds itself facing accusations of money laundering in South Korea following a recent DDoS attack. The blockchain project was hit by controversy after 2 million MANTA tokens were allegedly transferred to a personal wallet. Despite these allegations, Manta Network defended the transaction as part of its operational strategy. The project’s co-founder also confirmed that the DDoS attack had been resolved and normal operations had resumed. With the MANTA token currently trading at $2.20, it remains to be seen how these developments will impact the project’s future.
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