Port3 officially announced the launch of the token migration in response to the attack it suffered yesterday. The key points are as follows:
· All affected users will receive new tokens at a 1:1 ratio, with no loss of assets.
· The new tokens will only be deployed on the BNB Chain, and the previous liquidity on Ethereum will be fully migrated.
· The team will destroy 162.75 million PORT3 tokens, fully compensating for the tokens that were illegally minted by the hacker, ensuring that the total supply remains unchanged.
· The new tokens will be issued on-chain via a multi-send transaction, and discussions are currently ongoing to confirm the plans for migrating central exchange (CEX) platforms, with a snapshot taken after the attack.
· Port3 stated that it has filled the supply gap caused by the attack, and the hacker will not be able to obtain or mint any new tokens from the new smart contract.
BlockBeats reported yesterday that Port3 issued a statement indicating that a hacker exploited the BridgeIn vulnerability to mint additional tokens (one billion tokens), resulting in the price of the currency dropping by over 80% at once. To protect users, the team removed part of the liquidity and was preparing to communicate with the hacker. On-chain data showed that the hacker sold a large amount of tokens on-chain, but did not deposit them into central exchanges. Subsequently, the Port3 team removed liquidity on-chain, preventing the hacker from cashing out more. Some exchanges also closed deposit channels. In the end, the hacker destroyed all remaining tokens.
