MANTRA Chain, a layer-1 blockchain aimed at enabling tangible assets to exist on the blockchain, has paused its operations following an event that is still being investigated. The team announced on Thursday that their network activities have been paused to investigate the matter.
In the process, MANTRA Chain has temporarily halted its network endpoints and transactions. In addition, the action has led to the temporary halting of deposit and withdrawal services from the blockchain.
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MANTRA Chain Freezes Transactions During Investigation
However, no clear explanation of the cause of the problem has yet been provided by the project, nor has a specific timeframe been given to restore the network. However, the team assured that once more information becomes available, it will be communicated through the appropriate communication channels of the team.
Transactions are discouraged until further notice as the team conducts the investigation. The intention behind the announcement is to avoid any further problems while the network is paused.
However, MANTRA Chain has continued to gain its footing in the industry of asset tokenization in the real world. Since the blockchain project is expected to support the creation and transfer of tokenized assets, the stability of the network is critical.
The network outage has also had an impact on the price of the native token for MANTRA Chain, which was previously referred to as OM. It is reported that the token has fallen in value by about 10% over the last 24 hours.
MANTRA Chain Pauses Transactions Amid Rally
In addition to that, Bitcoin was moving towards the $74,000 mark as crypto prices in general started to rise. In light of the rising trend, MANTRA’s drop seemed to be particularly remarkable because of the network incident putting additional pressure on the cryptocurrency.
So far, MANTRA Chain has not clarified whether there have been any impacts on user funds or explained the technicalities behind the incident. Until then, users are expected to wait until more information is available before performing any operations.
The next announcement from the MANTRA Chain will give us further details about what has happened, the status of the network, and how efforts to return to regular operation are progressing.
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