In recent news, Manta Network, a blockchain company launched its Manta Token and saw the value of its token increase by 25%, this good news didn't last long as the company experienced a DDoS attack shortly after releasing the token. This led to longer wait times for withdrawals and a slower network. The developers are working to fix these issues caused by the large number of recent transactions.
But what is a DDos attack? DDoS attacks overload a server with too much internet traffic, making it hard for people to use online services. This attack happened soon after Manta's first token release, as confirmed by co-founder Kenny Li. While this limited communication and slowed the network, all funds remain safe.
Manta is part of a new wave of blockchains offering quicker, cheaper transactions than older networks like Ethereum. They are often supported by big funds and promote their technology heavily online to gain users and increase their token value.
After its launch, the value of MANTA increased by 25%, reaching a market value of about $550 million. Manta had previously drawn nearly $1 billion in ether (ETH) for its project, New Paradigm, partly due to a special airdrop for those transferring funds to their platform.