Manta Network Faces DDoS Attack after MANTA Token Issuance

Manta Network, a layer-2 blockchain that recently launched its MANTA governance token, faced a distributed denial-of-service (DDoS) attack on Thursday, resulting in network delays and slowed withdrawal processes.

In an official post, Manta developers acknowledged the incident, outlining the impact of the attack on the network and assuring users that they are actively working to resolve the issues. As of now, no information regarding the identity of the threat actor responsible for the attack has been disclosed.

According to Kenny Li, co-founder of P0xeidon Labs, the cryptographic development team behind Manta Network encountered more than 135 million remote procedure call (RPC) requests on January 18. This influx caused initial performance fluctuations and throughput issues, leading to a widespread slowdown in the network.

Kenny Li described the attack as "very aggressive and timed," but assured users that funds are secure, and the blockchain is operating safely.

Manta Network is an innovative modular blockchain protocol with a focus on zero-knowledge (ZK) application development. The network includes Manta Pacific, a Layer 2 ecosystem on Ethereum, and Manta Atlantic, a fast ZK Layer 1 chain on Polkadot. Manta aims to provide on-chain privacy for decentralized finance and non-fungible tokens (NFTs).

Utilizing zero-knowledge proofs (ZKPs) through its Manta Protocol, the network enables private transactions that reveal only their validity without exposing additional information. Manta Network also enhances user privacy in decentralized finance activities by obscuring wallet addresses and employing on-device encryption.

The governance token of Manta Network, $MANTA, empowers holders to participate in guiding improvements, voting on proposals, and influencing the direction of the privacy-focused protocol.

In response to the DDoS attack, which occurred just a day after Manta's highly anticipated token issuance event, communication between the blockchain and applications was severely limited, according to Kenny Li.

While the incident unfolded, questions arose regarding a transfer of approximately 2 million MANTA tokens to a wallet allegedly associated with Manta Network’s Korean Business Development representative. This transfer coincided with the MANTA token's listing on the Binance exchange the previous week. However, details connecting the wallet holder’s identity remain unconfirmed at this time. The Network issued a public statement, stating that the funds were intended for investments and growth initiatives within its Korean community.

Despite the disruption, MANTA prices surged by 25% following the token issuance, propelling Manta's market cap to over $550 million, as reported by CoinGecko. The network's strong initial interest, driven by incentives and airdrop rewards, has attracted nearly $1 billion in ETH deposits for its layer-2 network, New Paradigm.