Layer-2 blockchain Mantra Network co-founder Kenny Li announced Thursday that the blockchain had encountered a distributed denial-of-service (DDoS) attack shortly after the successful listings of its Manta token on various exchanges. The network’s nodes received more than 135 million remote procedure call (RPC) requests during the incident.
Li characterized the attack as both aggressive and well-timed, noting that there are severe limitations on communication between applications and the blockchain. Despite these challenges, he assured users that the blockchain is operating securely, and user funds remain unaffected.
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The Manta Network team expressed gratitude to the community for its steadfast support during this challenging period. “Rest assured, we are not going anywhere,” Li said. “We have built for three years, and we see no end in sight. Thank you so much for your support as a community.”
Recognizing the mixed sentiments among users, the team assured stakeholders that active measures were being taken to restore normalcy and fortify the blockchain’s resilience against future threats.
Li also said the Manta Network team is actively working on enhancing DDoS mitigation strategies. Additionally, they are collaborating with partners and service providers to implement measures to counteract the attack. He mentioned that the resolution process is extended compared to typical cases due to the unusually large scale and prolonged duration of the attack.
While Manta Network has faced setbacks, it has also marked significant achievements, such as the successful listing of its MANTA token on Binance Launchpool, securing the 44th position among listed projects.
Previous accomplishments include P0xeidon Labs’ $25 million Series A funding round and the introduction of Manta Pacific’s Layer-2 infrastructure. Notably, during the project’s testnet launch in July 2023, 150,000 wallets were created, and over 3.5 million transactions were processed.
What is a DDoS attack?
DDoS is a cyberattack method that involves inundating a targeted server, service or network with a surge of Internet traffic, disrupting its normal flow.
This attack uses networks of compromised Internet-connected devices, referred to as bots or zombies, which are remotely controlled by the attacker. The attacker coordinates the assault by issuing instructions to each bot from a distance, creating a collective botnet.
Once aimed at a victim’s server or network, the botnet inundates the target’s IP address with numerous requests, overwhelming the system and leading to a denial of service for legitimate traffic.
Manta’s price surge
Manta Network markets itself as a platform offering improved transaction speeds in comparison to Layer-1 (L1) solutions and decreased gas costs relative to Layer-2 (L2) solutions. The network has recently made significant announcements, notably the release of MantaDEX. This development has propelled the Manta token’s price to $2.43, accompanied by a 24-hour trading volume of $674 million, marking a 20.4 percent increase.
Over the past seven days, MANTA has demonstrated strong price performance, contrary to the overall decline of 5.9 percent in the global cryptocurrency market. In comparison to similar Binance Launchpool cryptocurrencies, the token exhibits growth beyond the average zero percent gain.
MANTA reached an all-time high of $2.72 on Thursday, January 18, approximately 10.5 percent above the current price.
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