Manta Network Faces DDoS Attack Following Exchange Listing
Shortly after successfully listing its Manta token on multiple exchanges, layer-2 blockchain Manta Network fell victim to a distributed denial-of-service (DDoS) attack. Kenny Li, co-founder of the network, reported the attack, which involved over 135 million remote procedure call (RPC) requests targeting the blockchain’s nodes. Li described it as an aggressive and timed attack that severely limited communication between apps and the blockchain. However, he assured users that the blockchain was secure and their funds were safe. The Manta Network team is actively working on developing additional DDoS mitigation efforts and collaborating with partners and service providers to implement countermeasures.
Manta Token Trading Begins
Manta tokens have started trading on various crypto exchanges, including Binance, KuCoin, and Bithumb. Currently, the native token of Manta is valued at $2.15 with a fully diluted market cap of approximately $2.15 billion according to CoinMarketCap. The token has witnessed significant trading volume of nearly $800 million in the past 24 hours.
Background: Manta Network Development
In July 2023, P0xeidon Labs, the cryptographic development team behind Manta Network, raised $25 million in a Series A funding round led by Polychain Capital and Qiming Venture Partners. The project was valued at $500 million. The company also launched the testnet for its layer-2 infrastructure called Manta Pacific in July 2023, which transitioned to mainnet in September 2023. The testnet launch resulted in the creation of 150,000 wallets and over 3.5 million transactions.
Hot Take: Manta Network Remains Resilient Amid DDoS Attack
Manta Network’s successful exchange listing was marred by a DDoS attack, but the team is actively working to mitigate the impact and ensure the security of the blockchain. Despite the challenges, Manta tokens have started trading on major exchanges, demonstrating investor confidence in the project. The incident highlights the importance of robust cybersecurity measures in the crypto industry and serves as a reminder that even well-established projects can face malicious attacks. Manta Network’s resilience and commitment to its community are commendable as they continue to build and develop their platform.
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