Manta Network Faces DDoS Attack Following Token Issuance

• Manta Network Faces DDoS Attack Following MANTA Token Release
• Impact on Transactions and Measures to Resolve Issues
• Common Attack Vector: DDoS Explained
• Details of the Attack on Manta Network
• The Emerging Class of New Blockchains
• The Performance of MANTA

Manta Network Faces DDoS Attack Following MANTA Token Release

After the recent issuing of its MANTA token, the burgeoning blockchain, Manta Network, fell victim to a distributed denial of service (DDoS) attack. This unfortunate event led to extended withdrawal times and slowed the network significantly.

Impact on Transactions and Measures to Resolve Issues

The developers of Manta Network stated in a post, The network has accumulated a large queue of recent transactions. They further elaborated that this situation has led to prolonged transaction times, and consequential impacts on gas fees. Aware of the issue at hand, the team is working persistently to find a solution.

Common Attack Vector: DDoS Explained

A DDoS is a frequently encountered attack vector that involves the attacker inundating a server with internet traffic, thereby blocking users from accessing linked online services and websites.

Details of the Attack on Manta Network

Subsequent to Manta's initial token issuance event, the attack took place. According to co-founder Kenny Li, the communication between the blockchain and native applications was severely limited. However, he assured that all funds remained secure, and apart from this, the blockchain functioned normally.

The Emerging Class of New Blockchains

Manta is part of a burgeoning group of new blockchains that provide faster transactions at a lower cost than more established networks like Ethereum$2,315 -2.42%. These newer chains, typically funded by prominent funds, vigorously promote their blockchain on various social media platforms, including X. The aim is to capture market share and fees, which in turn enhances the value of their tokens.

The Performance of MANTA

Following Thursday's issuance, MANTA's value surged by as much as 25%, pushing the network's market capitalization to nearly $550 million by Friday. Manta had previously garnered close to $1 billion in ether (ETH) for its layer-2 network, New Paradigm - this growth was primarily fueled by an airdrop program that rewarded those who transferred funds to the platform.

Edited by Jonathan Stoker