Ethereum

Manta Network

MN Coin

As of the beginning of 2024, several <a href="https://news.todayq.com/rug-pull-alerts-these-fake-tokens-drop-by-100/">rug-pull cryptocurrencies have emerged</a>, where exploiters create tokens with the same names as legitimate ones. Recently, a similar situation occurred in Korea regarding the Manata project after Binance added this token to its Launchpool, and Bithumb has listed it on the exchange. Money Laundering allegation on Manata Network 
According to the Korean community, the recently added MANTA project is suspected of being involved in money laundering. They also claim that the MANTA team could use this opportunity to dump tokens following the listing on Bithumb. Additionally, they claim that Manata Korea BD sold nearly 2 million MANTA tokens after the Bithumb listing. 
However, these 2 million Manata tokens were deposited into the Bithumb deposit wallet, constituting more than 75% of Bithumb’s total circulation volume. Thereafter, they were converted into 2,094.7 ETH, valued at around $5,162,112, and the Ethereum was transferred to the personal wallet address of Manata Korea BD. 
In response to the claims by the Korean community, the Manata Network stated that it allocated a portion of the Ecosystem/Community funds to Korean BD based on the token economic model. According to local media, these actions are part of their strategy to expand their presence, particularly in South Korea and Hong Kong. 
It appears that, in light of the Korean community’s allegations, Manta Network has taken their concerns seriously and responded in detail to dispel any doubts about the project. Nevertheless, Manta Network is expressing its intention to establish collaboration with local projects in South Korea. 
This is not the first time the South Korean community has raised concerns in the cryptocurrency realm. In contrast to other Asian cryptocurrency exchanges, South Korea maintains strict measures against money laundering and requires real-name financial transactions. If the claims made by the South Korean community hold true, severe punishments may be imposed. Manata Network price and its recent momentum&nbsp; 
Despite the allegations, the current trading price of Manta Network’s MANTA token is around $2.15. In the last 24 hours, it has experienced a 6% downside momentum. Looking at the 30-day performance, the token has seen a similar price decline of 6%. The total supply of MANTA tokens is 1,000,000,000, with a current circulating supply of 251,000,000. 
In the broader cryptocurrency market, the current situation is quite bearish. Top cryptocurrencies like Bitcoin, Ethereum, Solana, and many others are experiencing bearish momentum. 
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

MANTA network faces dumping, money laundering allegations

Todayq News

Other articles published on Jan 19, 2024

Jim Cramer Issues Major Bitcoin (BTC) Price Warning

Why Did The Bitcoin Price Fall Below $41,000?

Cardano’s ADA Eyes Major Uptrend as Analyst Foresees Late 2020 Repeat

Trader Uses Banana Gun Sniping Bot To Make $7M Off SatoshiVM Token Launch

Cardano Price Prediction: Key Support Bulls Must Defend to Stay Bullish

Arbitrum launches new funding initiative to boost blockchain development

Join our free newsletter for daily crypto updates!