Manta Network, an innovative modular layer 2 (L2) solution for Zero Knowledge (ZK) applications and behind the MANTA altcoin project, recently entered the Binance Launchpool on January 16, 2024. However, as the Korean crypto community has taken serious initiatives, the project is now accusing the team of dumping and money laundering allegations.
There are serious claims for the altcoin project
As we reported as Kriptokoin.com, Binance Launchpool listed MANTA last week. This development caused other cryptocurrency exchanges to list MANTA. Among them was South Korea’s popular exchange Bithumb. However, the storm started when Manta Korea official Sumeley sold a staggering 2 million MANTA tokens just 5 minutes after the project was listed on Bithumb, one of South Korea’s leading cryptocurrency exchanges. The transaction attracted attention when the money was immediately transferred to Sumeley’s personal wallet. The accusers allege that on January 18, 2024, the same day MANTA debuted on Bithumb, Sumeley transferred the tokens from the Manta distribution wallet to his personal wallet. Notably, these tokens accounted for more than 75% of Bithumb’s MANTA’s total circulation volume.
In a shocking development, within the first 5 minutes of listing, MANTA’s price on Bithumb jumped to a staggering $230 while other exchanges kept the price around $2. Sumeley allegedly made a significant profit in excess of $5 million by selling all 2 million MANTA tokens at prices ranging from 50 to 100 times market value. The accused allegedly converted the proceeds into Ethereum, further complicating the situation. Sumeley reportedly transferred 2,094.7 ETH to his personal wallet, causing the community to question the legitimacy of these actions and raising concerns about potential money laundering or insider trading.
The community is dissatisfied
The Korean crypto community has expressed displeasure at not only Sumeley, but also Bithumb for allowing such a significant deposit and apparent price manipulation without any intervention or explanation. Since South Korea imposes strict regulations on cryptocurrency transactions, the Financial Services Commission (FSC) and the Financial Intelligence Unit (FIU) may investigate the matter. If proven true, the allegations could lead to legal consequences for Sumeley and Manta, causing permanent damage to the reputation of both the project and the exchange. As of the time of this writing, neither Sumeley nor Manta have responded to the accusations, leaving the crypto community eagerly awaiting a statement.
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