Manta Network Faces Allegations of Money Laundering Following Bithumb Listing

Manta Community (MANTA), a blockchain venture aiming to broaden its attain within the Asian market, has discovered itself entangled in an argument surrounding allegations of cash laundering following its current itemizing on the South Korean change Bithumb.

The controversy emerged when DeFi fanatic Definalist took to Twitter, suggesting potential misconduct by Manta Community on the day of its Bithumb itemizing.

Cash Laundering Allegations

Definalist’s tweet highlighted a number of suspicious transactions, pointing to a collection of regarding occasions.

. @MantaNetwork was suspected of cash laundering by way of Bithumb on the day of itemizing

– 2M $MANTA transferred to private pockets of MANTA’s Korean BD
– 2M $MANTA was deposited into Bithumb deposit pockets, accounting for greater than 75% of Bithumb’s whole circulation quantity.
-… pic.twitter.com/uMWq6J6D37

— Definalist (@definalist) January 18, 2024

Two million MANTA tokens had been transferred to the private pockets of Manta’s Korean Enterprise Improvement (BD) consultant. They had been then deposited into Bithumb’s pockets, representing over 75% of the full circulation quantity on the change.

Inside 5 minutes of being listed on Bithumb, MANTA’s worth soared to $230, over 100 occasions its preliminary worth of $2.26. The controversy deepened because the BD consultant reportedly engaged in token dumping, swiftly liquidating all two million MANTA tokens at values starting from 50 to 100 occasions the preliminary itemizing worth.

The proceeds from this fast sale had been then allegedly transformed into Ethereum, with a considerable sum of two,094.7 ETH, equal to roughly $5,162,112, transferred to the BD consultant’s personal wallet, in accordance with information from Etherscan.

The severity of the allegations is heightened by South Korea’s popularity for strict rules on cash laundering and real-name monetary transactions. If these allegations are confirmed true, Manta Community might face severe penalties.

Manta Community’s Response

In response to the allegations, Manta Community launched a press release asserting that a part of the Ecosystem/Group funds had been allotted to the Korean BD consultant primarily based on the token financial mannequin.

The venture additionally emphasised its dedication to increasing within the Asian market, notably in South Korea and Hong Kong. In response to an area information outlet, the staff is taking concrete measures to determine a department in South Korea.

This department goals to construct stronger connections with native initiatives, perceive the distinctive wants of the Korean market, and seamlessly combine Manta merchandise into the native Web3 ecosystem.

Moreover, Manta Community has arrange branches in Hong Kong to facilitate collaboration with native builders, entrepreneurs, and different teams.