Polkadot experienced a sudden price drop of more than 7 percent within minutes after reports surfaced that a hacker had minted a massive supply of tokens on the Ethereum network and quickly sold them.
The token was trading at 1.24 dollars before falling sharply to 1.15 dollars. It later regained some losses and is currently hovering around 1.20 dollars.
Blockchain analytics platform Arkham reported that an unidentified attacker created one billion DOT tokens on Ethereum and immediately sold them into liquidity pools. As a result, the attacker extracted more than 240000 dollars worth of ETH through multiple transactions.
The exploit was also confirmed by Lookonchain, which estimated the attacker’s profit at approximately 237000 dollars, equivalent to about 108.2 ETH.
Meanwhile, Wu Blockchain cited findings from CertiK, attributing the incident to a vulnerability in the Hyperbridge gateway. This flaw reportedly allowed the attacker to forge messages and gain control over administrative functions of a Polkadot token contract deployed on Ethereum.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
