Last upgraded: January 19, 2024 12:20 EST|1 minutes checked out
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Zero-knowledge L2 blockchain Manta Network has actually been implicated of cash laundering in South Korea soon after the blockchain was struck by a DDoS attack.
In an X post released on January 18th, user @Definalist kept in mind that 2 million MANTA tokens were moved to the individual wallet of Manta’s Korean Business Development agent.
The deal took place soon after MANTA was noted on crypto exchange Binance.
Consequently, 2 million MANTA tokens were transferred into a Bithumb wallet, representing more than 75% of the exchange’s overall flow volume at that time.
Within 5 minutes of being noted, the rate of MANTA on Bithumb experienced an extraordinary rise, reaching $230 and marking an exceptional boost of over 100 times from its preliminary rate of $2.26.
The BD supposedly continued to dump all 2 million MANTA tokens at a premium varying from 50 to 100 times the listing cost. The earnings from the sale, amounting to $5.16 million, were then transformed to 2094.7 Ethereum.
The ETH tokens were moved to the BD’s individual wallet, according to Etherscan.
Dealing with these claims, Manta Network launched a declaration keeping in mind that the deal was carried out as part of its functional technique.
The allotment of neighborhood funds to the Korean BD remained in line with their token financial design, Manta described, including that the supreme goal of the relocation was the assistance develop a branch in South Korea.
DDoS Attack on Manta Resolved, Co-Founder Says
The layer-2 blockchain likewise suffered a DDoS attack soon after effectively noting its Manta token on several exchanges, consisting of Binance, KuCoin, and Bithumb.
Kenny Li, co-founder of the Manta Network, kept in mind that the blockchain experienced a prevalent DDoS attack, including the blockchain’s nodes experiencing over 135 million remote treatment call (RPC) demands.
In an upgrade shared on January 18th, Li discussed that network access to Manta was being brought back. The blockchain was reported to be running securely, item production was continuing as normal, funds were protected, and interaction in between apps and the blockchain had actually been restored.
Sometimes of composing, the MANTA token is presently trading at $2.20 with a market cap of $545.76 million, according to CoinMarketCap.
