Startup blockchain Manta Network has faced a significant challenge as it fell victim to a distributed denial of service (DDoS) attack, a day after the release of its MANTA token. The attack caused withdrawal times to extend and the network to slow down, raising concerns within the altcoin community.
DDoS attack affected altcoin project
Manta Network, a rising star in the blockchain space, found itself the target of a DDoS attack shortly after the launch of its MANTA token. The attack flooded the network with internet traffic, causing outages and creating a large queue of recent transactions. Manta developers acknowledged the issue in an official statement, saying:
The network has accumulated a large queue of recent transactions. This leads to longer transaction times and impacts gas fees. We are aware of this issue and are working to resolve it.
Despite the difficulties, developers assured users that all funds are safe and the blockchain continues to operate normally, although there is limited communication between the blockchain and native applications.
They were in the early stages of token issuance
The DDoS attack came at a pivotal moment for Manta Network and occurred close to the first token issuance event. Co-founder Kenny Li shared his views on the impact, stating that communication between blockchain and native applications is severely limited. However, he reassured the community that the attack did not compromise the security of funds and that the Blockchain remained functional.
Manta Network, like other emerging blockchains, aims to offer faster transactions at lower costs compared to established networks such as Ethereum. Backed by leading funding and leveraging extensive marketing on platforms like X and other social media channels, these networks often attract significant traction. The latest attack has highlighted the challenges facing these new players looking to gain market share and fees.
The price first rose, then fell
Despite the DDoS disruption, the MANTA token managed to rise as much as 25% following Thursday’s issuance, pushing the market cap of the network to nearly $550 million as of Friday. However, it stands out with a 6 percent decrease at the time of writing. The coin dropped from $2.70 to $2.05. At the time of writing, it is around $2.19. Manta previously attracted attention by attracting almost $1 billion worth of Ethereum (ETH) for its layer 2 network, New Paradigm, through an airdrop program that encouraged fund transfers to the platform. While the development team works to resolve the issues, the incident serves as a reminder of the importance of robust security measures in the rapidly evolving world of blockchain technology.
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