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Manta Network hit by DDoS attack after $MANTA token issuance

Despite the recent disruption, MANTA prices climbed 25% following the issuance, already garnering Manta a market cap of over $550 million.

Manta Network hit by DDoS attack after $MANTA token issuance

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Manta Network, a layer-2 blockchain that recently issued its MANTA governance token, suffered a distributed denial-of-service (DDoS) attack on Thursday, leading to network delays and slowed withdrawal times.

The incident has been acknowledged by Manta developers in an X post, explaining the effects of the attack on the network and saying that they are already working to resolve these issues.

No detail on the threat actor behind the attack has been disclosed at the time of writing. According to P0xeidon Labs co-founder Kenny Li, the cryptographic development team behind Manta Network received over 135 million remote procedure call (RPC) requests on January 18, resulting in initial fluctuations in the network’s performance and throughput, and later to a network-wide slowdown.

“This is a very aggressive and timed attack,” Li stated. Li claims that the funds are safe and the blockchain is “running safely.”

Manta Network is a pioneering modular blockchain protocol focused on zero-knowledge (ZK) application development. The network consists of Manta Pacific, a Layer 2 ecosystem on Ethereum, and Manta Atlantic, a fast ZK Layer 1 chain on Polkadot. Manta is designed to provide on-chain privacy for decentralized finance and non-fungible tokens (NFTs).

Manta Network utilizes zero-knowledge proofs (ZKPs) through its Manta Protocol to enable private transactions that reveal only their validity without exposing additional information. The network also obscures wallet addresses and employs on-device encryption to protect user privacy for decentralized finance activities further. 

Notably, Manta Network’s governance token, $MANTA, allows holders to guide improvements, vote on proposals, and influence the direction of the privacy-focused protocol.

As described in Li’s initial evaluation of the incident, DDoS exploits involve overflowing a server with fake traffic to obstruct normal use.

The incident came just a day after Manta’s long-awaited token issuance event. Li confirms the attack had “severely limited” communication between the blockchain and applications.

Manta represents a new generation of blockchain protocols focused on scalability and modularity compared to predecessor networks like Ethereum. The ability to withstand malicious attacks is a key test for these new ecosystems.

Questions have emerged regarding a transfer of approximately 2 million MANTA tokens to a wallet allegedly associated with Manta Network’s Korean Business Development representative. The transfer coincided with the MANTA token being listed on the Binance exchange last week, though details connecting the wallet holder’s identity remain unconfirmed at this time.

While no official allegations have been made, some social media commentary has critically characterized the timing and size of the transaction. Manta Network has issued a public statement on the matter amid the wider scrutiny around its recent distributed denial-of-service attack issues. In the statement, Manta Network said that the funds in question were intended for use on investments and growth initiatives for its community in Korea.

Despite the recent disruption, MANTA prices climbed 25% following the issuance, already garnering Manta a market cap of over $550 million, according to data from CoinGecko. Strong initial interest in the network’s incentives and airdrop rewards has attracted close to $1 billion in ETH deposits for its layer-2 network, New Paradigm.

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