Premium Invest Hub
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
Popular Topics
  • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
  • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
  • Spanish woman killed by elephant in Thailand while bathing animal, police say
  • US adds Chinese tech giants to list of companies allegedly working with China’s military
  • Bad news for homebuyers in the Northeast and Midwest

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions
    Premium Invest Hub
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Investing

    Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack

    • January 19, 2024

    Zero-knowledge L2 blockchain Manta Network has been accused of money laundering in South Korea shortly after the blockchain was hit by a DDoS attack.

    In an X post published on January 18th, user @Definalist noted that 2 million MANTA tokens were transferred to the personal wallet of Manta’s Korean Business Development representative.

    The transaction occurred shortly after MANTA was listed on crypto exchange Binance.

    Subsequently, 2 million MANTA tokens were deposited into a Bithumb wallet, representing more than 75% of the exchange’s total circulation volume at that time.

    Within 5 minutes of being listed, the price of MANTA on Bithumb witnessed an exceptional surge, reaching $230 and marking a remarkable increase of over 100 times from its initial price of $2.26.

    The BD reportedly proceeded to unload all 2 million MANTA tokens at a premium ranging from 50 to 100 times the listing price. The proceeds from the sale, totaling $5.16 million, were then converted to 2094.7 Ethereum.

    Finally, the ETH tokens were transferred to the BD’s personal wallet, according to Etherscan.

    Addressing these allegations, Manta Network released a statement noting that the transaction was conducted as part of its operational strategy.

    The allocation of community funds to the Korean BD was in line with their token economic model, Manta explained, adding that the ultimate objective of the move was the help establish a branch in South Korea.

    DDoS Attack on Manta Resolved, Co-Founder Says

    The layer-2 blockchain also suffered a DDoS attack shortly after successfully listing its Manta token on multiple exchanges, including Binance, KuCoin, and Bithumb.

    Kenny Li, co-founder of the Manta Network, noted that the blockchain experienced a widespread DDoS attack, consisting of the blockchain’s nodes experiencing over 135 million remote procedure call (RPC) requests.

    In an update shared on January 18th, Li mentioned that network access to Manta was being restored. The blockchain was reported to be operating safely, product production was proceeding as usual, funds were secure, and communication between apps and the blockchain had been reinstated.

    At time of writing, the MANTA token is currently trading at $2.20 with a market cap of $545.76 million, according to CoinMarketCap.

     

    The post Manta Network Faces Money Laundering Allegations After Recovering From DDoS Attack appeared first on Cryptonews.

    Previous Article
    • Investing

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

    • January 19, 2024
    View Post
    Next Article
    • Investing

    Bitcoin Already Tops Silver In U.S. ETF Market After SEC Approvals

    • January 19, 2024
    View Post

      Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

      Popular Topics
      • Occupied West Bank rocked by day of violence as gunmen kill three Israeli settlers and reprisal attacks reported
      • Azerbaijan’s leader accuses Russia of passenger jet crash ‘cover up’ in blistering new attack on neighbor
      • Spanish woman killed by elephant in Thailand while bathing animal, police say
      • US adds Chinese tech giants to list of companies allegedly working with China’s military
      • Bad news for homebuyers in the Northeast and Midwest
      Copyright © 2025 premiuminvesthub.com | All Rights Reserved
      • About us
      • Contact us
      • Privacy Policy
      • Terms & Conditions

      Input your search keywords and press Enter.