Amid allegations of a potential dump of the MANTA token on Binance Launchpool, concerns have surfaced within the Korean crypto community. The controversy involves Sumeley, the Korean Business Development representative for Manta Network, who allegedly sold 2 million MANTA shortly after its listing, raising questions about insider trading. On-chain data revealed that the sizable offload occurred within minutes, prompting scrutiny and discussions within the community.
A Transfer to A Personal Address
Questions are swirling within the Korean crypto community surrounding a potential dump of the MANTA token, recently launched on Binance Launchpool. Accusations point towards Sumeley, the Korean Business Development representative for Manta Network, who allegedly sold 2 million MANTA within minutes of its listing, raising concerns about insider trading and manipulation.
The accusations stem from on-chain data revealing that Sumeley sold the 2 million MANTA for over 2,000 ETH within five minutes of listing, subsequently transferring the proceeds to a personal address. This swift and sizeable offload sparked suspicion and triggered a wave of inquiries within the Korean crypto community.
Manta Network Responds
Manta Network responded to the allegations, admitting they allocated 3 million MANTA tokens from the Ecosystem Fund to Sumeley, as per their token economic model. The network claims these funds were intended for supporting local developers and communities, aiming to bolster their presence in the Korean market.
However, skepticism persists regarding the transparency and necessity of such a substantial initial sale. As the situation unfolds, it underscores the significance of transparency and responsible project management in the crypto space. The community awaits further clarification from Manta Network to rebuild trust in the Korean market.
The X post from the Manta team said:
“On January 18, 2024, Manta Network reserved a total of 3m $MANTA tokens out of the 50 million unlocked Ecosystem Fund token allocation to expand the Korean ecosystem. 2m $MANTA was dispersed to Bithumb to secure liquidity. The funds intend to be used for investments and growth of the Manta community in Korea, specifically to increase Manta’s presence in the region by supporting local developers and communities.”
A Divided Community and Unanswered Questions
However, the community remains divided. Some accept Manta Network’s explanation, attributing the sudden sale to legitimate community development efforts. Others remain skeptical, questioning the need for such a large initial sale and the lack of transparency regarding the specific use of the funds.
The incident raises several critical questions:
- Was the 2 million MANTA sale pre-planned or a reactionary move influenced by market conditions?
- How will the remaining Ecosystem Fund allocated to Korea be utilized, and with what level of transparency will the community be involved?
- Can Manta Network effectively dispel suspicion and rebuild trust among Korean investors?
The saga surrounding MANTA’s Korean launch serves as a cautionary tale, highlighting the importance of transparency and responsible project management within the volatile world of crypto. As the community awaits further clarifications and actions from Manta Network, only time will tell if they can navigate this turbulent episode and establish trust in the Korean market.