Manta Network Accused of Money Laundering on Bithumb Listing
Manta Network, a blockchain project looking to expand in Asia, is facing allegations of money laundering after its recent listing on the South Korean exchange Bithumb. The controversy began when a DeFi enthusiast raised concerns on Twitter about suspicious transactions involving Manta Network.
Details of the Allegations
The tweet highlighted several concerning events, including the transfer of two million MANTA tokens to the personal wallet of Manta’s Korean Business Development representative. These tokens were then deposited into Bithumb’s wallet, accounting for over 75% of the exchange’s total circulation volume.
Shortly after being listed on Bithumb, MANTA’s price skyrocketed to $230, a significant increase from its initial price of $2.26. The controversy deepened as the BD representative reportedly engaged in token dumping, selling all two million MANTA tokens at values ranging from 50 to 100 times the initial listing price.
The proceeds from this sale were allegedly converted into Ethereum and transferred to the BD representative’s personal wallet.
Manta Network’s Response
In response to the allegations, Manta Network released a statement asserting that funds had been allocated to the Korean BD representative based on the token economic model. The project emphasized its commitment to expanding in the Asian market and is taking steps to establish a branch in South Korea and Hong Kong.
The branch in South Korea aims to strengthen connections with local projects, understand the needs of the market, and integrate Manta products into the local Web3 ecosystem. Additionally, Manta Network has set up branches in Hong Kong for collaboration with local developers and entrepreneurs.
Hot Take: Serious Consequences Await Manta Network
If the money laundering allegations against Manta Network are proven true, the project could face severe consequences, considering South Korea’s strict regulations on money laundering and financial transactions. The controversy has cast a shadow over Manta Network’s expansion plans in Asia and raises questions about its integrity and compliance with regulations.
By
By
By