Manta Network Faces DDoS Attack After Token Launch, Price Recovers
Manta Network, a modular blockchain protocol focused on zero-knowledge (ZK) application development, suffered a distributed denial-of-service (DDoS) attack on Thursday, January 18. The attack coincided with the issuance of the MANTA governance token, which allows holders to guide improvements, vote on proposals, and influence the direction of the privacy-focused protocol.
Manta developers confirmed the attack in an X post, where they described how the network was affected and assured that they were fixing the problem.
Source: X
Manta Network Co-founder Kenny Li on the DDoS Attack
According to Kenny Li, the co-founder and core contributor of Manta Network, the cryptographic development team behind the project received over 135 million remote procedure call (RPC) requests on the day of the attack, resulting in initial fluctuations in the network’s performance and throughput, and later to a network-wide slowdown.
The Co-founder Kenny Li Stated that the attack was timely executed and aggressive. However, the funds are safe and the blockchain is running safely.
The DDoS attack, which is a malicious attempt to disrupt the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic, hurts the network and the users.
The attack also affected the communication between the blockchain and the applications, leading to network delays and slowed withdrawal times. The team indicated that they are actively working on resolving this issue and restoring normal operations.
Attacks Effect on Manta Token
The attack came just a day after Manta’s long-awaited token issuance event, which saw an initial circulating supply of 251 million MANTA tokens being distributed to advisors and ecosystem and community members. The total supply of MANTA tokens at Genesis will be 1 billion MANTA, with a 2% yearly minting rate.
As per the data of CoinGecko Manta prices jumped approx 25% following the issuance, despite the recent troubles. The network’s incentives and airdrop rewards drew a lot of attention and nearly $1 billion in ETH deposits for its layer-2 network.
Initially, after the launch, the price of the MANTA token was trading at roughly $2.70, according to information available on CoinGecko. Following the news of the attack, the token price dropped by 22%, trading at $2.08. However, the price recovered quickly and reached $2.27 at the time of report.
Manta Network is a novel blockchain protocol that focuses on flexibility and speed, unlike older networks like Ethereum. These new ecosystems need to be able to resist harmful attacks. Manta Network wants to offer a safe and fast platform for ZK applications and dapps, giving users more privacy and features
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