<p>NetMind, a blockchain artificial intelligence (AI) platform, has publicly denied rumors of a platform-wide hack, attributing a recent token price drop to an incident involving an individual miner.&nbsp;</p> 
<p>The platform, which allows GPU owners to process data for tokens, faced speculation of a potential exploit after its token, NMT, saw a significant decrease in value. This led to concerns about a possible mint exploit, where an attacker could generate an unlimited number of tokens.</p> 
<p>The speculation began after a large sale of NMT tokens led to a dramatic fall in price, prompting users on social media platform X to theorize about a platform compromise. However, NetMind responded with an X post, reassuring stakeholders that the platform was secure and the incident did not reflect a systemic issue.&nbsp;</p> 
<p>The company identified that the exploit was linked to one of the network’s early miners, who had mined 440,000 NMT tokens, and confirmed that no hack or malfunction had compromised the platform itself.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">URGENT NOTICE<br><br>The NetMind team is aware of the recent situation that has caused a mass selloff of <a href="https://twitter.com/search?q=%24NMT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$NMT</a> and is actively working on mitigation. Additional details will be shared shortly. We do not see long-term risk here, initial indications are that this was an exploit/hack…</p>— NetMind.AI (@NetmindAi) <a href="https://twitter.com/NetmindAi/status/1768642809655853107?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 15, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<h2 class="wp-block-heading" id="market-response-and-recovery-efforts">Market response and recovery efforts</h2> 
<p>Following NetMind’s clarification, the token’s price experienced a recovery. At the time of publication, NMT’s value had increased to $8.54, a significant rebound from its lowest point during the incident ($11.34 to $2.77).&nbsp;</p> 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1200" height="629" src="https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM-1200x629.jpg" alt="" class="wp-image-485478" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM-1200x629.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM-300x157.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM-768x402.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM-1536x805.jpg 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/03/Screenshot-2024-03-15-at-8.57.34-PM.jpg 1920w" sizes="(max-width: 1200px) 100vw, 1200px">
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  NMT price chart | Source: Coinmarketcap
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</figure> 
<p>This recovery left the token’s value down by only 14% from its pre-incident price, suggesting that the market had absorbed the shock of the initial sell-off and the subsequent rumors.</p> 
<p>Blockchain data from BNB Smart Chai<a href="https://bscscan.com/tokentxns?a=0x4484771fa71bf0c1C679e452e57F3a5CD9E60220" target="_blank" rel="noreferrer noopener nofollow">n indicated</a> that this address had transferred multiple batches of NMT tokens to BNB Smart Chain and sold them on PancakeSwap. While these transactions were identified, it remains uncertain whether they were directly responsible for the initial price decline.</p> 
<p>At the time of writing, NMT is trading at $8.85, and down by 26.21% in the last 24 hours, according to Coinmarketcap.</p>

Blockchain AI platform NetMind assures no platform breach amid NMT token sale speculation

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