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Manta Network, a blockchain project, finds itself embroiled in controversy as allegations of money laundering surround its recent listing on the South Korean exchange Bithumb. The allegations have raised concerns about the project’s credibility and compliance with South Korea’s stringent anti-money laundering regulations.
The allegations stem from a tweet by DeFi enthusiast Definalist, who highlighted a series of suspicious transactions related to Manta Network’s listing on Bithumb. Two million MANTA tokens, Manta Network’s native cryptocurrency, were transferred to the personal wallet of Manta’s Korean Business Development (BD) representative.
. @MantaNetwork was suspected of money laundering through Bithumb on the day of listing
— Definalist (@definalist) January 18, 2024
– 2M $MANTA transferred to personal wallet of MANTA’s Korean BD
– 2M $MANTA was deposited into Bithumb deposit wallet, accounting for more than 75% of Bithumb’s total circulation volume.
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The same two million MANTA tokens were subsequently deposited into Bithumb’s deposit wallet, accounting for more than 75% of Bithumb’s total circulation volume. Within just five minutes of being listed on Bithumb, MANTA’s price skyrocketed to $230.
The BD representative allegedly dumped all two million MANTA tokens at prices ranging from 50 to 100 times the initial listing price. The BD representative then purportedly converted all proceeds to Ethereum and transferred a substantial sum of 2,094.7 ETH, equivalent to approximately $5,162,112, to her personal wallet.
The transaction details have been publicly disclosed on the Ethereum blockchain, with the BD representative’s wallet address prominently featured.
South Korea has had a reputation for implementing strict anti-money laundering measures and real-name financial transactions. If the allegations surrounding Manta Network’s listing are proven to be true, it could result in severe consequences, including legal actions and penalties.
Interestingly, Manta Network recently announced plans to expand its presence in the Asian market, particularly in South Korea and Hong Kong, according to a local news outlet. The project established a branch in South Korea and allocated resources for Korean market development based on its token economic model.
Additionally, Manta Network set up branches in Hong Kong to enhance collaboration with local developers, entrepreneurs, and other relevant groups.
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