Port3 Announces Token Migration Plan: 1:1 Exchange, Team to Burn 162 Million Tokens to Patch Vulnerability

On November 24th, Port3 officially declared the commencement of token migration in response to yesterday's attack. The key points are as follows: · All affected users will receive new tokens on a 1:1 basis, without any asset losses. · The new tokens will be deployed solely on the BNB Chain, with the previous Ethereum liquidity being fully migrated. · The team will burn 162.75 million PORT3 tokens, completely offsetting the tokens illegally minted by the hacker and ensuring that 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 currently 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, resulting in the token price dropping by more than 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. Eventually, the hacker burned all remaining tokens.