Blockchain artificial intelligence (AI) platform NetMind has refuted claims of a hack on March 15, asserting that the incident was confined to an individual miner and did not impact the platform itself. Speculation arose following a significant drop in the value of the platform’s token, NMT.
NetMind operates as a cloud computing platform enabling GPU owners to process data in exchange for tokens. The platform utilizes the NetMind Chain blockchain network, with NMT tokens native to this ecosystem. Additionally, there exists a version of the token on the BNB Smart Chain.
Concerns emerged on X regarding a potential mint exploit affecting NetMind, leading to suspicions of widespread token manipulation. However, NetMind promptly addressed the situation on X at 4:19 pm UTC, assuring users that the platform remained uncompromised and attributing the price drop to an early miner selling 440,000 NMT tokens.
Following NetMind’s clarification, market sentiments stabilized, with the token’s price rebounding significantly. At the time of reporting, NMT had recovered much of its lost value, settling at $9.70, marking a 250% increase from its lowest point. This recovery has mitigated the token’s overall decline to just 14% from its pre-incident price.
Decentralized finance investor Alan claimed to have identified the wallet address associated with the individual responsible for the price decline. The wallet in question was allegedly involved in bridging NMT tokens from the NetMind Chain to BNB Smart Chain and subsequently selling them on PancakeSwap. However, it remains unclear if these sales coincided with the token’s price drop.
NetMind’s swift response and transparency have helped restore confidence in the platform, demonstrating its commitment to addressing potential security concerns and safeguarding user assets.
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