The Manta Network community suspected the project team of money laundering through Bithumb on the day the native token was listed on the exchange.
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𝐑𝐮𝐦𝐨𝐮𝐫 𝐀𝐥𝐞𝐫𝐭 🚨🚨
Manta Network was suspected of money laundering through Bithumb on the day of listing.
👉 𝟐 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 MANTA transferred to the personal wallet of MANTA’s Korean BD
👉 2 Million #MANTA was deposited into a Bithumb deposit wallet,that accounts…
— Wise Advice (@wiseadvicesumit) January 19, 2024
Users allegedly discovered a transfer of 2 million MANTA to the personal wallet of a member of the Korean unit. The funds were deposited on Bithumb, accounting for 75% of the exchange’s balance.
Five minutes after listing, the price of the coin on the platform soared to $230. As a result of the sale of assets, the team member received 2094.7 ETH (~$5.35 million at the time of writing), which he transferred to his own wallet.
Manta responded that it allocated part of the community funds to the Korean division as part of the current tokenomics model.
According to a statement from project co-founder Kenny Lee, simultaneously with the launch of the token on January 18, a “very aggressive and calculated DDoS attack” began on the network. The RPC functions of the nodes were overloaded with a huge number of fake requests, which caused failures in communications between applications and the blockchain.
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DDoS Attack Update on @MantaNetwork
Hey everyone, we are experiencing a calculated DDoS attack on the network. This happened at 9:30AM UTC, exactly the same time as our TGE event. Since that time, we have seen over 135m requests hit the RPC nodes, which indicates that this is a… pic.twitter.com/EgjUiOvRl0— 🤓Kenny.manta 🦇🔊 (🔱,🔱) (@superanonymousk) January 18, 2024
Lee assured that the attack did not threaten user funds.
On January 19, the Manta team confirmed that as a result of the incident, a large queue of transactions had accumulated on the network, which led to an increase in the time for transfers and an increase in gas prices.
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⚠️ Because of yesterday’s DDoS attack, the network has accumulated a large queue of recent transactions. This is leading to longer transaction times and impacts on gas fees. We are aware of this issue and working to resolve it.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 19, 2024
“We are aware of this issue and are working to resolve it,” the developers added.
According to the MANTA/KRW pair chart on Bithumb, the token price reached a local peak of 6,250 KRW ($4.67) in the second hour of trading. At the time of writing, the asset is trading at around $2.34. MANTA quotes on Binance are at $2.18.
Hourly chart of MANTA/KRW on the Bithumb exchange. Data: TradingView.
Of the total emission of 1 billion tokens, 251 million MANTA were put into circulation. Market capitalization is ~$550 million (CoinGecko).
Let us remind you that the project announced the allocation of 12% of the supply of tokens for two airdrops.
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2024-01-19 09:40:04
#Manta #Network #team #suspected #money #laundering #ForkLog
