Port3 Network token crashes over 80% on reports of possible exploit

Key Takeaways

• PORT3 token lost over 80% of its value in just over an hour.
• The crash was triggered by an unauthorized mint of one billion PORT3 tokens and rapid sell-offs.

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PORT3, the native token of Port3 Network, a project building a decentralized AI data layer that aggregates and standardizes blockchain data for AI-driven dApps and wallets, crashed more than 80% today, wiping its market cap from around $18.5 million to $3.5 million in just over an hour, according to CoinGecko.

The steep decline came after reports that an attacker had minted one billion PORT3 tokens and began offloading them across liquidity pools, overwhelming market depth and accelerating the token’s collapse.

The Port3 team confirmed the exploit, announcing on X that they had pulled liquidity as a precaution and urging users not to trade the token during the investigation. They also stated that they’re prepared to communicate with the hacker and will provide further updates.

Port3 Network raised $3 million in a seed round led by KuCoin Ventures in early 2023. It later secured investment and partnerships from DWF Labs and Jump Crypto.