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Port3 was hacked this morning using a vulnerability to carry out a mint-and-sell attack, resulting in a cumulative price drop of over 82% as the exploited tokens were sold and burned.
BlockBeats News, November 23rd, AI Smart Agent Port3 Network this morning issued a security alert on social media, stating that a hacker exploited the BridgeIn vulnerability to mint additional (10 billion tokens) tokens. To protect users, the team has removed some liquidity and is preparing to communicate with the hacker.
On-chain data shows that the hacker sold a large amount of tokens on-chain but did not deposit them into a CEX. Subsequently, the Port3 team removed on-chain liquidity, preventing the hacker from further cashing out. Some exchanges also shut down deposit channels. The hacker eventually burned all remaining tokens.
Market data shows that as of the time of writing, this event caused the PORT3 token to fall by 82%, dropping from this morning's $0.037 to a low of $0.0066, now rebounding to $0.0086, with a market cap of only $4.05 million and a FDV of $8.11 million.
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