MARKETETHEREUM

Clarifying the Bithumb incident, Manta Network: Ensuring availability of funds for the future.

share
Clarifying the Bithumb incident, Manta Network: Ensuring availability of funds for the future.

Manta officially acknowledges selling coins on Bithumb, but emphasizes that this is to have sufficient funds to expand into the Asian-Pacific markets such as Korea and Hong Kong.

Manta Network Hit by Turbulence: RPC Endpoint Crash, Team Accused of Dumping and Money Laundering

Privacy-focused zero-knowledge proof (ZKP) Layer 2 project Manta Network, which gained attention from Binance, recently participated in Binance's 44th new coin mining phase. However, just one hour before the trading pairs were opened on Binance, there were reports of Manta Network's RPC endpoint crashing, resulting in users being unable to withdraw airdrops or perform on-chain transfers.

Furthermore, Korean crypto influencer Definalist revealed that Manta Network's Korean employees received 2 million MANTA tokens in their wallets on the day of listing on Bithumb, and they sold all of them during the period when the Manta Network was paralyzed.

The Manta team responded to these allegations in the early hours of the 20th.

Manta Network Dumping Controversy: Are Retail Investors Being Taken Advantage of Again?

What is Manta Network?

How will Manta Pacific, a privacy-focused Layer 2 project, compete with zk Rollups as a latecomer?

Manta Official Statement: 2 Million MANTA Tokens Reserved to Ensure Sufficient Funds

In an official tweet, Manta clarified that in order to expand its business in Asia, including Korea and Hong Kong, it unlocked 50 million MANTA tokens from its ecosystem fund on January 18th. Out of these, 3 million MANTA tokens were reserved for expanding the Korean ecosystem.

The 2 million MANTA tokens were allocated to be exchanged on Bithumb to ensure future funding. The related funds will also be used for investment and development in the Korean Manta community, particularly to increase Manta's influence in Korea by supporting local developers and communities.

Among all of Manta's tweets, this particular tweet was set to not allow replies.

Manta also attempted to compensate for the RPC endpoint crash and emphasized that it was caused by a DDoS attack. During the period from 17:30 on January 18th to 12:30 on January 20th (Taiwan time), Manta promised to fully refund users who paid gas fees higher than 0.001 ETH on the Manta Pacific chain.