NetMind's AI Token Plunges After Hacker Minted $5M+ NMT Tokens

AI project, NetMind, finds itself in crisis after a hacker allegedly infiltrated an early-stage miner wallet, causing chaos within the ecosystem. In the wake of this breach, investor confidence was shaken, triggering a rapid decline in the NMT token price.

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Uncovering the Breach

A hacker got access to the early-stage miner wallet resulting in the minting of an astounding 440,000 NMT tokens. 

Subsequently, the hacker flooded the market with these stolen tokens, initiating a domino effect that sent prices plummeting by over 70% in mere minutes. The exploited tokens were valued at over $5 million before the exploit.

Amidst the turmoil, NetMind's team reassured stakeholders that the platform itself remains uncompromised, stressing that the breach poses no long-term risk. 

In the aftermath of the breach, the NMT token experienced unprecedented volatility. Briefly trading under $4 before rebounding, the token now faces a 21% decline on the day, grappling with a market cap of $321 million. NMT is trading at $9.84 at the time of writing. 

Reports suggest the tokens were bridged to Binance Smart Chain and subsequently liquidated.

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Community Response

In the wake of the breach, some community members are calling for compensation, seeking recourse for their losses. 

Meanwhile, others see the dip in prices as an opportunity to enhance their holdings. 

Launched on Binance Chain just last month, NMT experienced a meteoric rise, surging over 400% in a month before the recent events unfolded.