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Manta Network, a zero-knowledge proof-powered layer-2 blockchain, has reportedly suffered a significant distributed denial-of-service (DDoS) attack. This incident occurred concurrently with the successful listing of its token on several major exchanges.
According to Kenny Li, co-founder of p0x labs, the cryptographic development team behind Manta Network, the blockchain’s nodes were overwhelmed with over 135 million remote procedure call (RPC) requests on January 18. Li described the attack as “aggressive” and “timed” but assured that the blockchain continued operating securely and that all funds remained safe. However, he acknowledged that communication between applications and the blockchain was severely impacted.
The DDoS attack coincides with the Manta token’s debut on popular exchanges, including Binance, Bithumb, and Kucoin. Following its initial trading, the Manta token was priced at $2.27, bringing its fully diluted market cap to an impressive $2.27 billion. The trading volume surged rapidly, with over $686 million worth of Manta tokens changing hands within the first few hours.
Hours after the DDoS attack, the Manta Network’s activities triggered money laundering speculations among the South Korean community. In a suspicious transaction, the network transferred 2 million MANTA tokens to the personal wallet of its Korean BD. Thereafter, the Korean BD reportedly deposited the tokens to Bithumb and sold it for a profit of 50 to 100 times, invested it all in Ethereum and transferred the ETH tokens to the personal wallet.
Also Read: Manta Network Sparks Money Laundering Concerns In South Korea Amid Binance Listing
Manta Network’s Growth and Development
The DDoS attack comes with significant advancements and milestones for Manta Network. In July 2023, p0x Labs raised $25 million in a Series A funding round, a significant boost for the firm. Shortly thereafter, in September 2023, Manta Network’s layer-2 infrastructure, Manta Pacific, transitioned from testnet to mainnet. The testnet launch witnessed the creation of 150,000 wallets and the processing of over 3.5 million transactions, showcasing the network’s robust capabilities and potential for widespread adoption.
In April 2023, Manta Network also launched Manta Atlantic, its flagship nonfungible token (NFT) private offering platform. This platform has minted over 300,000 zero-knowledge soulbond tokens, collaborating with key ecosystem partners such as Arbitrum, Galxe, Linea, and CyberConnect. These developments underscore the network’s commitment to innovation and expansion within the blockchain space.
Integration into the Binance Ecosystem and Future Prospects
Integrating Manta Network into the Binance ecosystem marks a significant milestone for the blockchain. Binance, one of the world’s leading cryptocurrency exchanges, added Manta to its launch pool, announcing the anticipated listing of MANTA with multiple trading pairs. These pairs include MANTA/BTC, MANTA/USDT, MANTA/BNB, MANTA/FDUSD, and MANTA/TRY. Including the Seed Tag with MANTA facilitates seamless integration into the Binance ecosystem, signaling strong market confidence in the token’s potential.
Despite the challenges posed by the DDoS attack, Manta Network’s swift response and the ongoing support from its community and partners demonstrate its resilience and commitment to long-term success. As the network continues to evolve and expand its offerings, it remains a noteworthy player in the blockchain and cryptocurrency domains, poised for further growth and innovation. The successful token listing and the rapid market response indicate a strong future for Manta Network, even in the face of cybersecurity challenges.
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