- January 19, 2024
- Posted by: legaleseblogger
- Category: Related News
legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration
Challenges Faced by Manta Network and Allegations of Money Laundering
Manta Network has successfully resumed normal operations after overcoming technical issues, as reports of money laundering involvement emerge.
On Jan. 18, the Manta network experienced a DDoS attack that temporarily disrupted its operations. The attack, which began at 9:30 AM UTC, coincided with the networkÔÇÖs Token Generation Event (TGE). ItÔÇÖs noteworthy that the incident follows closely after the network reported an RPC (Remote Procedure Call) flood, raising the possibility that the earlier RPC flood could have been a precursor or part of the DDoS attack.
The DDoS attack was both ÔÇ£aggressiveÔÇØ and ÔÇ£timedÔÇØ, as reported by Kenny Li, co-founder of P0xeidon Labs, with Manta Network reporting over 135 million requests hitting their RPC nodes. Despite the attack, Manta Network assured its users that the blockchain itself remains secure, with block production and fund safety unaffected. However, the attack severely hampered communication between applications and the blockchain, leading to a significantly degraded user experience.
According to Li, the networkÔÇÖs RPCs are now fully operational. He confirmed that the blockchain is running safely and that product production has resumed as normal.
Li also advised that as network access returns, users might still encounter minor connectivity issues with some applications. These are expected to be temporary, and users experiencing such issues are encouraged to retry later.
As of the last update, Manta Network reported an accumulation of a large queue of transactions, leading to longer transaction times and impacts on gas fees.  However, the project added that the team is actively working to address these issues and restore normal network performance.
The development comes as Manta Network is facing allegations of money laundering following a post by X user Definalist in South Korea. The controversy revolves around a transfer of about 2 million MANTA tokens to the personal wallet of the networkÔÇÖs Korean Business Development representative on the day MANTA was listed on Binance.
Subsequently, an equivalent amount of MANTA tokens was deposited into a Bithumb wallet, significantly influencing the exchangeÔÇÖs total circulation volume. This was followed by a sharp increase in MANTAÔÇÖs price on Bithumb and the alleged sale of all 2 million tokens by the Korean BD at a premium.
In response to these allegations, Manta Network issued a statement clarifying the transaction as part of their operational strategy. They explained the allocation of community funds to the Korean BD was in line with their token economic model, emphasizing their objective to establish a branch in South Korea. Manta Network also announced plans to expand its presence in Asia with a new branch in Hong Kong.
The AI legalese decoder can help in this situation by analyzing the legal implications of the DDoS attack on Manta Network. It can provide insights into any legal consequences of the attack and offer guidance on how to address any potential legal issues arising from the attack. Furthermore, the AI legalese decoder can also assist in reviewing the allegations of money laundering and provide legal analysis on the matter, helping the company understand and navigate the legal challenges it may face in relation to these allegations.
In addition, the AI legalese decoder can aid in interpreting any legal implications of the transactions involving MANTA tokens and the Korean Business Development representative, offering legal clarity and recommendations for the company’s response to these allegations. Overall, the AI legalese decoder can be a valuable tool for Manta Network in understanding and addressing the legal aspects of the challenges it is currently facing.
legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration
****** just grabbed a