MANTA Faces Scrutiny After Member’s ETH Conversion

• Binance’s new Launchpool project MANTA has been scrutinized after the team behind the project sold 2 million MANTA within 5 minutes and converted it to ETH.
• The team refuted claims that it was dumping or engaged in money laundering revealing that this was allocation based on the token’s tokenomics.

Binance’s new launchpool project MANTA has raised eyebrows with the Korean community questioning recent swift transactions by the team. Manta Korea BD Sumeley sold 2 million MANTA within 5 minutes of its listing and converted it into 2,094.7 ETH which he transferred to his personal address. The community found this suspicious and pointed out it could be part of a money laundering plot or simply dumping the tokens.

Although the community remains skeptical, the selling has seized and there’s little concern about dumping. The token has also been listed on Bithumb and KuCoin. But there is now concern about attacks on the network which coincided with the high-profile listing.

The network further exasperated investor concerns after experiencing a widespread distributed denial-of-service (DDoS) attack. Kenny Li, co-founder of P0xeidon Labs, the cryptographic development team behind Manta Network revealed that the network experienced over 135 million remote procedure call (RPC) requests on Jan. 18. Although the attack seemed coordinated, and aggressive, he assured the community that the blockchain was safe and running.

He further stated;

Rest assured, we are not going anywhere. We have built for three years, and we see no end in sight. Thank you so much for your support as a community.

MANTA’s price has impressed over the weekend with the token adding nearly 7% at the time press. The altcoin is exchanging for $2.39 with a market cap of $600,542,984 placing it at 103 in the ranking of cryptocurrencies. In addition, trading volume has dropped by around 50%, indicating reduced interest in the token.

The altcoin is seemingly eyeing its all-time high achieved 3 days ago when it reached $2.72. However, the altcoin is trading at a very narrow range with its all-time low coming on the same day at $2.02.

MANTA remains one of the most impressive networks in the industry with Manta Pacific witnessing a 70x increase in total value locked (TVL) within the past quarter to reach a value of $858 million. The network has further commenced an airdrop, amounting to 5% of Manta’s total supply, valued at around $114 million. About 30M tokens have been airdropped based on a points system built around tasks users completed on Manta’s Layer 2, known as Manta Pacific.

Part of the community expressed disappointment in the airdrop noting that some of the early adopters of the highly anticipated Layer 2 network received miniscule MANTA allocations.

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