Manta Network, a well-known layer-2 blockchain, experienced a distributed denial-of-service (DDoS) attack shortly after the issuance of its governance token, $MANTA.
Despite the disruption, $MANTA prices rose by 25%, bringing Manta’s market capitalization above $550 million.
The DDoS attack on Manta Network occurred on Thursday, resulting in network delays and slower withdrawals.
Manta developers acknowledged the incident in an X post, explaining the network impact and assuring users that they are actively working to resolve the issues.
At the time of writing, no specific information about the identity of the threat actor behind the DDoS attack was disclosed.
Kenny Li, co-founder of P0xeidon Labs, revealed that the cryptographic development team received more than 135 million remote procedure call (RPC) requests on January 18.
This influx caused initial performance fluctuations and eventually resulted in a network-wide slowdown. Li characterized the attack as “very aggressive and timed.”
Despite the disruptive DDoS attack, Manta developers emphasize that user funds are secure and the blockchain is “running safely”.