The PORT3 cryptocurrency project has taken decisive action to counter a smart contract exploit, withdrawing on-chain liquidity to prevent further funds from falling into the wrong hands. This move came after hackers exploited a vulnerability in the BNB Chain to mint 1 billion PORT3 tokens, resulting in a massive market crash. Exchanges Bybit and MEXC have joined forces with the PORT3 team by temporarily disabling deposits for the token to mitigate losses. The rapid decrease in value is causing significant financial distress for investors holding the cryptocurrency. Despite community uncertainty regarding rescue plans, trading volumes have spiked as investors react to the incident. Experts suggest this event could prompt more stringent regulations and improved security protocols within the industry moving forward.