Manta Network, a layer-2 blockchain that leverages zero-knowledge proof technology, experienced a significant distributed denial-of-service (DDoS) attack on January 18th, coinciding with the listing of its token on multiple exchanges. This incident, though severe, has been resolved according to Kenny Li, co-founder of P0xeidon Labs, the cryptographic development team behind Manta Network.
During the attack, Manta Network's blockchain nodes were flooded with over 135 million remote procedure call (RPC) requests, described by Li as a "very aggressive and timed attack." Despite these disruptions, Li assured that the blockchain continued to operate safely, and users' funds remained secure. However, he noted that "communication between apps and the blockchain is severely limited" for the time being.
This DDoS attack coincided with the day Manta tokens began trading on several exchanges, including Binance, Bithumb, and KuCoin. At the time of publication, the Manta token was valued at $2.27, translating to a fully diluted market cap of $2.27 billion. Within the first few hours of trading, over $686 million worth of Manta tokens exchanged hands.
Manta Network has recently seen significant growth, with Manta Pacific, its ecosystem, experiencing a 70x increase in total value locked (TVL) over the past quarter, currently valued at $858 million. An airdrop was also announced earlier this month for ecosystem users and supporters, amounting to 5% of Manta's total supply, valued at $114 million.
The DDoS attack on Manta Network highlights the security challenges facing blockchain networks, particularly amid significant events like token listings. As the network's testnet was launched in July 2023 and entered mainnet in September 2023, the attack underscores the ongoing need for robust cybersecurity measures in the blockchain industry.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
