Manta Network Accused of Money Laundering by Blockchain Security Expert

Manta Network Accused of Money Laundering by Blockchain Security Expert

Manta Network Under Fire for Alleged Money Laundering Activities Renowned blockchain security expert JackXBT has ignited controversy by accusing Manta Network, a "zero-knowledge modular layer2 ecosystem," of engaging in money laundering practices on the Polkadot network. Manta Network's Allegations Against Polkadot The accusations stem from an earlier statement made by Manta co-founder Victor Ji on X (formerly Twitter), claiming that Polkadot is "spending excessively on advertisement and sponsorships" and alleging that this behavior constitutes "money laundering." Ji further criticized the Polkadot team as "racists, incompetent, and not decentralized." JackXBT's Response and Allegations Against Manta In response to Ji's allegations, JackXBT took to X (formerly Twitter) to express his disbelief, stating that the Manta team is "not qualified to talk about money laundering" due to an alleged insider cash-out of 2 million $MANTA tokens on the Korean exchange Bithumb. JackXBT also criticized Manta's collaboration with "low-quality influencers," such as 'radiocrypto,' as evidence of their lack of credibility in discussing marketing practices. Manta's Response to Insider Cash-Out Allegations Previously, Manta had addressed allegations of money laundering related to the misuse of personal information of a Korean BD team member in January. The company clarified that the 2 million MANTAs sent to Bithumb were intended to "secure liquidity" and would be used for expansion in the Korean ecosystem. Ongoing Controversy and Lack of Consensus The allegations against both Manta Network and Polkadot have sparked widespread debate within the cryptocurrency community. While some support JackXBT's claims, others question the validity of his evidence. The accusations remain unsubstantiated and require further investigation to reach a definitive conclusion.