MANTRA Chain has halted its entire Layer 1 network after an attempted attack targeted a software weakness, freezing transactions, block production, and public network access.
Following the halt, the OM token dropped about 18.5% to $0.004126, marking a new all time low.
After the network halt, the MANTRA team responded by saying that,
“We’re aware of an incident affecting MANTRA Chain and have halted the chain as a precaution while we investigate.”
Further, they said the incident was linked to its Cosmos EVM module and affected two wallet addresses. The team said it has identified the root cause and contained the immediate threat.
Importantly, MANTRA said no user funds were exploited. The network shutdown is being used as a safety step while developers test the fix.
The incident comes only days after MANTRA launched a major EVM interface upgrade on August 18, adding another point developers will examine as they complete their investigation.
Developers have prepared a security patch, but the network will not restart until testing is completed.
MANTRA said chain resumption could potentially happen within the day, but this depends on successful testing and coordination with its independent validators.
The team is also working with external security partners to check the incident and assess whether any further risks remain. A full post-mortem report will follow after the network is restored.
MANTRA has warned users to avoid anyone offering recovery help or directing them to unofficial token websites. The team said these could be scams trying to take advantage of the network shutdown.
MANTRA has previously raised $11 million and launched a $108.8 million ecosystem fund, with firms including Laser Digital, Nomura’s digital-asset arm, and Brevan Howard Digital among its strategic partners.
The network halt quickly hit MANTRA’s native OM token.
OM dropped about 18.5%, marking a new all-time low as investors reacted to the sudden shutdown and uncertainty around the network’s recovery. Meanwhile, the OM token has recovered since then, now trading at $0.004714.
Major exchanges have also paused OM deposits and withdrawals while the blockchain remains offline.
MANTRA said it has asked exchanges and ecosystem partners to keep transactions paused until the issue is resolved.
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