Manta Network faces money laundering allegations amid global exchanges listing

Summary

In a shocking turn of events, Manta Network, a zero-knowledge Layer 2 blockchain, has been accused of money laundering following its listing on major exchanges. Allegations arose after 2 million MANTA tokens were transferred to the personal wallet of MANTA’s Korean Business Development representative on the day of its Binance listing. The tokens then quickly made their way to a Bithumb wallet, accounting for over 75% of the exchange’s total circulation volume. The Korean BD allegedly dumped all the tokens at a premium, resulting in a conversion to Ethereum and subsequent transfer to the BD’s wallet.

Introduction

Manta Network, a zero-knowledge Layer 2 blockchain, has found itself embroiled in controversy as allegations of money laundering surface following its listing on major exchanges such as Binance, Bithumb, and KuCoin. The storm began when approximately 2 million MANTA tokens were reportedly transferred to the personal wallet of MANTA’s Korean Business Development (BD) representative on the day of its Binance listing.

Main Points

• The transfer of 2 million MANTA tokens to the personal wallet of MANTA’s Korean BD representative raised suspicions.
• The tokens were quickly moved to a Bithumb wallet, constituting over 75% of the exchange’s total circulation volume.
• The price of MANTA on Bithumb skyrocketed to $230 within 5 minutes of listing, a 100x increase from its initial price.
• The Korean BD allegedly sold all 2 million tokens at a premium, converting the proceeds to 2094.7 Ethereum (ETH) and transferring them to their wallet.
• Manta Network’s actions have raised concerns about the integrity of its operations and potential legal consequences in South Korea.
• The network released a statement denying the allegations and explaining the allocation of community funds to the Korean BD.
• Manta Network also faced a DDoS attack after its Binance listing, but managed to continue operating securely.

Conclusion

Manta Network has been accused of money laundering following its listing on major exchanges. The transfer of 2 million MANTA tokens to the personal wallet of MANTA’s Korean BD representative, followed by their sale at a premium, has raised suspicions. South Korea, known for its strict regulations on money laundering, may impose severe penalties if the allegations are proven. Manta Network’s response and the DDoS attack it faced add further complexity to the situation, leaving the crypto community concerned about the integrity of the project.