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Port3 Network Loses $13 Million in Token Bridge Exploit - Unchained
Decentralized AI infrastructure protocol Port3 lost $13 million in an exploit, flagged by onchain data platform Onchain Lens and confirmed by the Port3 team on X
The hacker reportedly exploited a vulnerability in the CATERC20 cross-chain solution used by Port3 Network, minting 1 billion fake PORT3 tokens.
This story is an excerpt from the Unchained Daily newsletter.
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Around 162 million of these tokens were dumped on the market, worth around $166,000 in BNB, while the rest were burned by the hacker.
The Port3 team quickly removed liquidity to prevent further damage and announced a 1:1 token migration with enhanced security measures on the BNB Chain to recover from the exploit
The exploit triggered an 80% drop in PORT3’s native token price, wiping out significant market capitalization and prompting trading suspensions on some exchanges.