Massive Hack of Port3 Network Leads to Collapse of $PORT3 Token

Today, the cryptocurrency community was shaken by news of a serious hack of the Port3 Network project, which led to the minting of a billion fake $PORT3 tokens and a significant drop in their price. According to data, the hacker exploited a vulnerability in the cross-chain solution CATERC20 from NEXA Network to manipulate the system and steal assets.

The incident occurred yesterday evening, November 22. The hacker, whose wallet address is 0xb13A503dA5f368E48577c87b5d5AeC73d08f812E, managed to generate 1 billion $PORT3 tokens worth about $13 million at the time of the attack. The attacker quickly dumped a portion - approximately 162 million tokens - on the market, receiving about 199 BNB (approximately $166 thousand) in exchange. The rest of the tokens were burned by the hacker, likely to avoid further pursuit. Analysis of transactions on BSCScan shows intense wallet activity: numerous swaps, approvals, and bridge operations over the last hours, indicating an organized attack.

The Port3 Network team reacted quickly: they removed liquidity from the pool to prevent further dumping, and exchanges such as Bybit temporarily suspended trading of the PORT3/USDT pair. In an official statement on X (formerly Twitter), the team acknowledged the vulnerability in the boundary condition checking mechanism of CATERC20 and announced a token migration plan. According to the plan, a 1:1 migration will be conducted based on a snapshot at 20:56 UTC (immediately after the attack). The new token will be launched exclusively on BNB Chain for enhanced security, and the team will burn 162.75 million of their own tokens to compensate for the excess emission.

The consequences of the attack were catastrophic for $PORT3: the token price collapsed by more than 80%, and the market capitalization fell below $5 million. According to CoinGecko data, the 24-hour price change was -76%, with trading volume sharply increasing due to investor panic. Users on X are actively discussing the incident, calling it a "classic example of smart contract risk" and advising other projects to check their bridges for similar vulnerabilities.

Port3 Network, which positions itself as a social data oracle for Web3, assures that user assets are safe (SAFU) and the team will continue to develop the project.

"We have been building this project for years and are not going to give up. We will take the hit, but come out stronger" the team's statement says.

This hack has become another reminder of the risks in the DeFi sector, where vulnerabilities in cross-chain solutions often lead to million-dollar losses. Investors are advised to monitor updates from the team and avoid trading until liquidity is restored. Further details are expected soon.