Manta Network, an emerging blockchain platform, suffered a distributed denial of service (DDoS) attack just one day after the MANTA token was issued.
The attack resulted in longer than expected withdrawal times and slow network performance.
The network has reportedly accumulated a large queue of recent transactions, resulting in increased transaction times and impacts on gas fees. “We are aware of this issue and are working to resolve it,” Manta developers said in a post.
⚠️ Because of yesterday's DDoS attack, the network has accumulated a large queue of recent transactions. This is leading to longer transaction times and impacts on gas fees. We are aware of this issue and working to resolve it.
— Manta Network (🔱,🔱) #MantaNewParadigm (@MantaNetwork) January 19, 2024
DDoS attacks, which involve flooding a server with internet traffic to prevent users from accessing connected online services and sites, are a common type of attack. The attack on Manta occurred close to the network's first tokenization event.
Manta co-founder Kenny Li stated that communication between the blockchain and native applications was “severely limited” due to the attack. However, he assured that all funds are safe and the blockchain is functioning normally.
Manta Network is part of an emerging community of new blockchains that offer faster transactions at lower costs than popular networks like Ethereum.
These new networks, often backed by leading funds, aim to gain market share and fees by extensively marketing their blockchains within crypto circles and social media platforms, increasing the value of their tokens.
Following Thursday's issuance, the MANTA token surged up to 25%, giving the network a market cap of approximately $550 million as of Friday.
*This is not investment advice.
