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Manta Network (MANTA), one of the new launchpad projects on Binance, has responded to allegations of unauthorized selling and money laundering.
The allegations were raised by the Korean community, who suspected that Manta Korea BD Sumeley sold 2 million tokens within 5 minutes of listing, converted it into 2,094.7 ETH and transferred it to his personal address.
In response to these allegations, Manta Network stated that it allocated a portion of its Ecosystem/Community funds to Korea BD based on its token economic model. According to the statement, on January 18, 2024, the altcoin network allocated a total of 3 million tokens from the 50 million unlocked Ecosystem Fund token allocation to expand the Korean ecosystem.
The developers said the funds are intended to be used for investments and growth of the token community in Korea, specifically to increase the altcoin's presence in the region by supporting local developers and communities.
However, MANTA made a successful debut after its launch and is trading at $2.33 at the time of writing, with a market value of approximately $500 million.
Along with Binance, other major cryptocurrency exchanges Bybit, KuCoin, Gateio and HTX also listed this altcoin.
*This is not investment advice.