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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/manta-network-faces-money-laundering-allegations-and-ddos-attack-on-listing-day/" data-wpel-link="internal">Manta Network Faces Money Laundering Allegations and DDoS Attack on Listing Day</a> 
Zero-Knowledge (ZK) based Layer 2 Blockchain network Manta Network (MANTA) was scrutinized for money laundering allegations in South Korea on the day it was listed on major cryptocurrency exchanges such as <a href="https://en.coin-turk.com/binance-margin-adds-trading-pairs-for-9-altcoins/" data-wpel-link="internal">Binance</a>, Bithumb, and KuCoin. The money laundering activities are reported to have been conducted through the Bithumb exchange. This came on top of Manta Network facing a DDoS attack on the same day. 
<h2 style="text-align: justify" id="strong-manta-network-s-money-laundering-allegations-shock-the-industry-strong">Manta Network’s Money Laundering Allegations Shock the Industry</h2> 
A DeFi expert in South Korea, known as Definalist X, shared a post stating that approximately 2 million MANTA tokens were transferred to the personal wallet address of Manta Network’s South Korean Business Development (BD) representative. This transaction took place on the day MANTA was listed on the cryptocurrency exchange following the completion of the Binance Launchpool. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-304617" src="https://coin-turk.com/wp-content/uploads/2024/01/Manta-Altcoin.jpeg" alt="" width="1280" height="720"> 
Subsequently, an astonishing 2 million MANTA tokens were deposited into a Bithumb wallet. This amount corresponded to more than 75% of the circulating volume on the cryptocurrency exchange at that time. Moreover, within 5 minutes of the listing, MANTA’s price on Bithumb skyrocketed to $230, which was over 100 times its opening price of $2.26. 
Following this, the South Korean BD made a suspicious move by selling all 2 million MANTA tokens at a premium of 50 to 100 times the listing price. Later, it was discovered that the sales proceeds, worth $5.16 million, were converted into Ethereum (ETH), purchasing 2,094 ETH. Data compiled from Etherscan showed that the ETHs were transferred to the personal wallet of the South Korean BD. 
Known for its strict regulations on money laundering and <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">financial</a> transactions, South Korea could impose severe penalties if these allegations are confirmed. The actions of the South Korean BD have caused serious concerns in the cryptocurrency world, while the Manta Network team has denied all allegations. 
<h2 style="text-align: justify" id="strong-manta-network-targeted-by-a-ddos-attack-following-exchange-listing-strong">Manta Network Targeted by a DDoS Attack Following Exchange Listing</h2> 
On the other hand, it was reported that Manta Network faced a significant distributed denial-of-service (DDoS) attack. The incident occurred just minutes after the altcoin was successfully listed on Binance and other cryptocurrency exchanges. Kenny Li, Co-Founder of p0x labs, the cryptographic development team affiliated with Manta Network, shed light on the issue. 
Li mentioned that the Blockchain’s nodes encountered over 135 million remote procedure call (RPC) requests on January 18th, describing the DDoS attack as both ‘aggressive’ and ‘timed’. Despite the intensity, the Blockchain network continued to operate securely, and the safety of all funds was maintained without compromise. However, the attack had a significant impact on applications and communication within the Blockchain network. 
Following these events, MANTA’s price significantly dropped after the initial surge post-exchange listings. At the time of writing this article, the altcoin’s price was trading at $2.13, with data indicating a 6.09% decrease over the last 24 hours. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/manta-network-faces-money-laundering-allegations-and-ddos-attack-on-listing-day/" data-wpel-link="internal">Manta Network Faces Money Laundering Allegations and DDoS Attack on Listing Day</a></h5>

Manta Network Faces Money Laundering Allegations and DDoS Attack on Listing Day

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