NEW DELHI (CoinChapter.com) — Layer 2 blockchain platform Manta Network (MANTA) faced several problems following the issuance and listing of its MANTA token.
Despite the hiccups, MANTA’s price continued to consolidate near $2.5. The token spiked 12,500% from its launch price of $0.05 on Jan. 18 before profit booking pared most of the gains.
Though the token continued rallying over the weekend, the new week started with the Manta Network token plunging over 17% to a daily low near $2.3 on Jan. 22 before recovering. The platform has announced several social media events to garner hype for its MANTA token.
Additionally, the blockchain platform announced new partnerships and integrations. For instance, Vietnam-based crypto wallet firm Coin98 announced integrating the Manta Pacific network, an L2 chain of the Manta Network.
MANTA Token Issuance Sees DDoS Attack, Laundering Allegations, and Irate Airdrop Recipients
On Jan. 18, the Manta Network token issuance event experienced a targeted Distributed Denial of Service (DDoS) attack. The assault coincided with the listing of the MANTA governance token on prominent exchanges like Binance, Bithumb, and KuCoin.
A distributed denial-of-service (DDoS) attack is a cyber attack that disrupts the normal traffic of a targeted server, service, or network by overwhelming the target or its surrounding infrastructure with a flood of Internet traffic.
The attackers overwhelmed the Manta Network’s Remote Procedure Call (RPC) nodes with over 135 million fake requests, disrupting operations. Despite the attack, the blockchain platform’s co-founder Kenny Li assured that the blockchain and funds were secure.
We are working around the clock as a team to get through this. We are creating more DDoS mitigation efforts and communicating with partners and service providers to deploy counteractive measures
Kenny Li said in an X post
Furthermore, the MANTA token airdrop also landed in a bit of controversy, with several users complaining about low returns for their investments. A crypto trader by the user name JayXBT claimed losing nearly $400, stating that Manta Network had “taken our ETH and given us crap in return.”
Another user shared a similar experience, claiming that an investment of 2.5 ETH tokens resulted in gains of just 26 MANTA tokens, valued at $65 at the time of the post. Some users also proposed a boycott of the Manta Network token.
Furthermore, the Manta Network faced allegations of money laundering in South Korea.
Shilling Continues
Meanwhile, influencers associated with the Manta Network tokens continued shilling the platform while remaining happily blind to token issuance issues, complaints of airdrop recipients, and money laundering allegations.
Supporters of the blockchain network shared posts highlighting Manta Network’s rising total value locked (TVL), highlighting Manta Pacific’s TVL surged past $1.47 billion.
