Port3 Bridge Exploit: 1B Tokens Minted, Price Plunges 80%
Port3 Network’s cross-chain bridge component, BridgeIn, was hacked on November 23, allowing attackers to bypass token minting restrictions and generate 1 billion new PORT3 tokens. Within one hour, 162.75 million tokens were dumped on decentralized exchanges, plunging the price from $0.037 to $0.0066—an 82% crash. Port3 responded by removing liquidity pools to prevent further sell-offs while the hacker burned the remaining 837.25 million tokens. Although PORT3 has since recovered to $0.015, liquidity remains low and investor confidence is severely damaged. This hack highlights ongoing security risks in DeFi cross-chain bridges. Traders should monitor Port3’s corrective measures and audit plans, and exercise caution before re-entering positions to avoid similar losses.
Bearish
The exploit of Port3’s cross-chain bridge and subsequent token dump severely undermines market confidence in both Port3 and DeFi bridge security. The 82% price collapse and removal of liquidity pools indicate high short-term volatility and limited trading depth, deterring investors. Similar past events, such as the Wormhole bridge hack in 2022, led to prolonged price suppression and cautious trading behavior. Unless Port3 demonstrates rapid remediation and robust security audits, the token is likely to face continued selling pressure. In the long term, unresolved vulnerabilities could hamper broader DeFi adoption, reinforcing a cautious stance among traders.