Ongoing FUD Challenges Manta Network After Token Launch

As reported by azc.news, at 9:30 AM on January 18, 2024 (UTC), Manta Network conducted its Token Generation Event (TGE) and was listed on several major exchanges approximately 30 minutes later. However, since its debut, Manta Network (MANTA) has been plagued by a series of FUD issues, significantly impacting Manta’s value and creating a negative perception within the cryptocurrency community.

Subjected to DDoS Attack

Simultaneously, the project opened the airdrop claim portal for eligible users. However, at the time of the Token Generation Event (TGE), the network fell victim to a Distributed Denial of Service (DDoS) attack, preventing many users from accessing the website to claim their tokens.

According to the project team, the incident was a deliberate attack where the perpetrator flooded the RPC node with excessive requests, causing network overload.

DDoS Attack Update on @MantaNetwork
Hey everyone, we are experiencing a calculated DDoS attack on the network. This happened at 9:30AM UTC, exactly the same time as our TGE event. Since that time, we have seen over 135m requests hit the RPC nodes, which indicates that this is a… pic.twitter.com/EgjUiOvRl0

— 🤓Kenny.manta 🦇🔊 (🔱,🔱) (@superanonymousk) January 18, 2024

Approximately 15 minutes later, the Manta Pacific network returned to normalcy thanks to the prompt response from the project team. Nevertheless, this incident significantly impacted the user experience for those trying to claim the airdrop.

At around 9AM UTC, Manta Pacific chain experienced an RPC flood and we are resolving. The chain is running fine, blocks are producing, and accessibility is back online soon.

— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 18, 2024

Related: What is Manta Network (MANTA)? 44th Project on Binance Launchpool

Community Suspicions of “Insider Trading” on Korean Exchange

Not stopping there, on the morning of January 19th, some users criticized that the personal wallet of a Business Development (BD) professional in the Korean market received 2 million MANTA tokens from the project’s wallet.

. @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.
-… pic.twitter.com/uMWq6J6D37

— Definalist (@definalist) January 18, 2024

Subsequently, this individual swiftly deposited the aforementioned tokens onto Bithumb, the second-largest cryptocurrency exchange in Korea after Upbit. Within the first 5 minutes of MANTA being listed on the exchange—when token prices experienced significant fluctuations—this person sold all the mentioned MANTA tokens at prices around x50 – x100 compared to the public sale price.

Ultimately, this individual withdrew 2,094 ETH equivalent to $5.16 million to their personal wallet.

It’s worth noting that the 2 million MANTA tokens deposited on Bithumb accounted for 75% of the exchange’s volume at that time. This implies that just a few “dump” orders were sufficient to drive down the price of MANTA significantly, affecting many other users.

In response to these allegations, the project team asserted that the token amount constituted the ecosystem development fund, distributed according to the tokenomics. The project also affirmed its expansion into Asian markets, particularly Korea and Hong Kong. The mentioned token quantity was earmarked for establishing a branch in the land of kimchi.

Manta Network’s Expansion with Local Presence in Asia

Funding subsidiaries in an effort to invest and grow in some of the most important regions for the project, including Korea and Hong Kong.

Learn more: https://t.co/vutNpROpdd

— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 18, 2024

Manta Network (MANTA) Price After FUD Incidents

The MANTA token price is holding up quite well despite being affected by various FUD incidents and the significant decline in the price of Bitcoin.

4h chart of MANTA/USDT pair on Binance at 03:26 AM on January 20, 2024.