Blockchain AI platform NetMind has denied rumors of a hack on March 15, clarifying that the incident was limited to an individual miner and did not impact the platform itself. This follows a significant drop in NetMind’s token, NMT, due to a large sale, sparking concerns of a broader security breach.
NetMind, known for its cloud computing services for GPU owners in exchange for tokens, operates on the NetMind Chain blockchain, with NMT tokens available on BNB Smart Chain as well.
On March 15 at 1:15 pm UTC, NMT’s price plummeted from $11.34 to $2.77, marking a 76% decline. Speculation arose about a potential mint exploit, allowing unlimited token creation and subsequent market dumping.
However, NetMind refuted these claims at 4:19 pm UTC, attributing the drop to an early miner’s sale of 440,000 NMT, stating no platform compromise occurred.Market reassurance led to NMT’s recovery to $9.70, a 250% increase from the low, down only 14% from pre-incident levels, currently trading at $7.20.
Decentralized finance investor Alan purportedly identified the hacker’s wallet address as 0x4484, which bridged and sold tokens on PancakeSwap, although sales timing during the price drop remains unverified.
The NetMind team’s swift denial of a hack and subsequent market recovery reflects their proactive approach and investor confidence in the platform’s security measures.
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