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Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack

Manta Network, a zero-knowledge Layer 2 blockchain, recently faced allegations of money laundering in South Korea following a distributed denial-of-service (DDoS) attack on their platform.

In a post shared on January 18th by user @Definalist, it was observed that 2 million MANTA tokens were transferred to the personal wallet of Manta’s Korean Business Development representative. This transaction took place shortly after MANTA’s listing on the cryptocurrency exchange Binance.

Subsequently, 2 million MANTA tokens were deposited into a Bithumb wallet, accounting for more than 75% of the exchange’s total circulating supply at the time. Within just 5 minutes of being listed on Bithumb, the price of MANTA experienced an extraordinary surge, skyrocketing to $230, representing a remarkable increase of over 100 times its initial price of $2.26.

The Business Development (BD) representative reportedly proceeded to sell all 2 million MANTA tokens at a premium, fetching prices ranging from 50 to 100 times the listing price. This transaction resulted in total proceeds of $5.16 million, which were subsequently converted into 2094.7 Ethereum.

The ETH tokens were then transferred to the BD’s personal wallet, as confirmed by Etherscan.

In response to these accusations, Manta Network issued a statement clarifying that the transaction was carried out as part of their operational strategy. Manta explained that allocating community funds to the Korean BD was consistent with their token economic model. Furthermore, they emphasized that the ultimate goal of this action was to facilitate the establishment of a branch in South Korea.

DDoS Attack on Manta Resolved, Co-Founder Says

The Layer-2 blockchain also faced a distributed denial-of-service (DDoS) attack shortly after successfully listing its Manta token on various exchanges, including Binance, KuCoin, and Bithumb.

Kenny Li, one of the co-founders of Manta Network, revealed that the blockchain was subjected to a significant DDoS attack, with the blockchain’s nodes receiving more than 135 million remote procedure call (RPC) requests.

In an update provided on January 18th, Li reported that network access to Manta was in the process of being restored. The blockchain was confirmed to be functioning securely, with normal product production, secure funds, and the reestablishment of communication between apps and the blockchain.

As of the time of writing, the MANTA token is trading at $2.20, boasting a market capitalization of $545.76 million, according to CoinMarketCap.

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