After being listed, Manta Network is currently grappling with a series of FUD issues that have adversely affected its reputation within the community.
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.
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.
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.
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 exchangeâwhen token prices experienced significant fluctuationsâthis 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 (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.
