Manta Network, a burgeoning blockchain platform promising faster transactions and lower costs, has encountered a significant setback just one day after launching its native token, MANTA.
The network fell victim to a Distributed Denial of Service (DDoS) attack, resulting in prolonged withdrawal times and sluggish network performance. Despite this disruption, Manta’s developers have assured users that their funds remain secure, and efforts are underway to resolve the situation.
DDoS attack disrupts Manta Network
Shortly after the issuance of the MANTA token, Manta Network experienced a Distributed Denial of Service (DDoS) attack. This malicious act flooded the network’s servers with internet traffic, rendering its online services and websites inaccessible.
In response to this incident, Manta’s developers acknowledged the problem, stating that the network had accumulated a significant backlog of recent transactions, leading to extended transaction times and impacting gas fees.
Co-founder Kenny Li revealed that the DDoS attack coincided with Manta’s initial token issuance event. Communication between the blockchain and its native applications was severely limited due to the attack.
However, Li emphasized that all user funds remained safe and that the blockchain continued to operate under normal conditions, except for the disruption caused by the attack.
Manta Network’s competitive edge
Manta Network is part of a growing trend of emerging blockchains aiming to offer faster transaction speeds and lower transaction costs compared to established networks like Ethereum.
Prominent investment funds often support these innovative platforms. They actively market their blockchain solutions within the cryptocurrency community, seeking to capture market share and generate fees that contribute to the value of their native tokens.