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Port3 Announces Token Migration Plan: 1:1 Exchange, Team to Burn 162 Million Tokens to Patch Vulnerability
BlockBeats News, November 24th, Port3 officially announced the start of token migration in response to yesterday's attack. Key points are as follows:
· All affected users will receive new tokens at a 1:1 ratio, without any asset loss.
· The new tokens will be deployed only on the BNB Chain, with the previous Ethereum liquidity migrating in full.
· The team will burn 162.75 million PORT3 tokens, completely offsetting the tokens illegally minted by the hacker, ensuring the total supply remains unchanged.
· The new tokens will be distributed on-chain through a multi-address batch transfer (multi-send) method, and the migration plan for CEX is being communicated and confirmed, with a snapshot taken after the attack occurred.
· Port3 has stated that they have filled the supply gap caused by the attack, and the hacker will not be able to retrieve or mint any new tokens from the new CA.
BlockBeats reported yesterday that Port3 announced in a post that a hacker exploited the BridgeIn vulnerability to mint additional (10 billion) tokens, causing the token price to drop by over 80% at one point. To protect users, the team removed some liquidity and is prepared 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 CEX. Subsequently, the Port3 team removed on-chain liquidity, preventing the hacker from further cashing out. Some exchanges also closed their deposit channels. The hacker ultimately burned all remaining tokens.
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