The South Korean community surrounding Binance’s Launchpool project MANTA is in an uproar, alleging potential team dumping or money laundering. The claims stem from the suspicious sale of 2 million MANTA tokens by Sumeley, the Korean Business Development representative, shortly after the token’s listing.
Binance’s Newest Launchpool
A dark cloud hangs over Binance’s newest Launchpool project, MANTA, in South Korea after accusations of team dumping or money laundering surfaced. The controversy centers around an eyebrow-raising transaction by Sumeley, MANTA’s Korean Business Development representative.
Reports allege that just five minutes after MANTA’s listing on Binance, Sumeley offloaded a whopping 2 million tokens. This substantial holding reportedly converted into 2,094.7 ETH and swiftly transferred to a personal address. Such rapid token disposal by a team member naturally sparked cries of foul play, with suspicions of insider trading and market manipulation coloring online discussions.
. @MantaNetwork was suspected of money laundering through Bithumb on the day of listing
– 2M $MANTA transferred to personal wallet of MANTA’s Korean BD
– 2M $MANTA was deposited into Bithumb deposit wallet, accounting for more than 75% of Bithumb’s total circulation volume.
— Definalist (@definalist) January 18, 2024
Manta Network attempted to quell the flames with a statement claiming the sale stemmed from a pre-allocated portion of the project’s Ecosystem/Community funds. However, this explanation left many Korean users wanting more, demanding greater transparency and clarity regarding the allocation criteria and planned use of the funds.
The community’s discontent is palpable, with social media platforms and forums brimming with calls for investigation and robust explanations. The allegations have undoubtedly shaken investor confidence, casting a shadow of doubt over MANTA’s future in the Korean market.
A Developing Story
Whether Manta Network can weather this storm by effectively addressing concerns and demonstrating transparency remains to be seen.
While the full picture is still emerging and the validity of the claims yet to be determined, the situation serves as a stark reminder of the importance of trust and transparency in the evolving world of cryptocurrency.