- Manta Network’s MANTA token soars over 4000% post-listing on Binance.
- Allegations of money laundering surface, pointing to suspicious token transactions.
- Detailed examination of transactions raises concerns about the project’s integrity.
In the midst of Manta Network’s celebratory moment for successfully listing its token MANTA on major exchanges like Binance and KuCoin, a cloud of suspicion looms over the project. Despite the token’s price soaring over 4000%, reaching $2, and overcoming a DDOS attack during its launch, accusations of potential money laundering have emerged.
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The controversy arose from a post in Manta’s Korean Telegram group, alleging a suspicious transaction involving MANTA tokens on the day of listing. The post claims that 2 million $MANTA was transferred to the personal wallet of MANTA’s Korean Business Development (BD) representative. Subsequently, the tokens were deposited into Bithumb’s wallet, constituting more than 75% of Bithumb’s total circulation volume.
Within just five minutes of listing, the price of MANTA on Bithumb surged to $230. The BD representative allegedly sold the entire 2 million MANTA tokens at 50~100x the listing price, converting the proceeds to Ethereum. The Ethereum, totaling 2,094.7 ETH and valued at $5,162,112, was then transferred to the BD representative’s personal wallet.
Proof of these transactions was provided through an Etherscan link. The post concludes by highlighting the strict regulations in South Korea regarding money laundering and real-name financial transactions. If the accusations are valid, severe penalties could be enforced.
The wallets involved in the suspicious transactions are identified as 0x9670359ce856771369ad04A67DD6cF276b9fE8aF (BD wallet) and 0x6aedc8c2c8c61a3a34c23520001489b843a10555 (Manta distribution wallet). The unfolding situation raises concerns about the potential repercussions for Manta Network in the face of these serious allegations.
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