2024-01-20 16:03:01
Manta Network’s new token, MANTA, launched on Thursday and reached a capitalization of $550 million.
The emerging blockchain, Manta Network, fell victim to a Distributed Denial of Service (DDoS) attack when issuing the MANTA token, leading to longer-than-expected withdrawal times and network slowdowns.
“The network has accumulated many new transactions” said one of the Manta developers in X entry. “This results in longer transaction times and impacts within gas rates. We are aware of this issue and are working to resolve it.”
DDoS is a common attack vector in which an attacker floods a server with Internet traffic, preventing users from accessing connected online services and sites.
The attack happened during Manta’s initial token offering event, co-founder Kenny Li said in a post. He noted that communication between blockchain and native applications, though “significantly limited” was, however, all funds were safe and the blockchain was otherwise functioning normally.
Manta is the latest in a growing group of new emerging blockchains that offer faster transactions at lower costs compared to popular networks like Ethereum. Newer networks like this tend to be heavily funded, and blockchains are widely promoted in crypto circles on X and other social media platforms, hoping to gain market share thereby increasing the value of their tokens.
A token It jumped 25% following Thursday’s issuance, which gave the network a market cap of nearly $550 million as of Friday. Manta previously attracted nearly $1 billion worth of Ethereum ETH Price to its 2-layer network, the New Paradigmthanks to an airdrop program that rewarded those who transferred their capital to the platform.
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