On December 5, the crypto community witnessed one of the most sudden and alarming price drops of the month when $PIGGY crashed sharply within minutes. Speculation spread quickly, but Piggycell soon released a transparent explanation that revealed what happened behind the scenes.
In this article, we break down the full story—how the attack happened, how Piggycell responded, and what comes next.
## The Start of the Crisis: How the Hack Unfolded
At approximately 8:40 PM (KST), the market saw an abrupt and severe decline in the price of $PIGGY.
Within minutes, the team identified the cause: unauthorized token minting from the project wallet.
This minting was abnormal and not part of any official process.
After reviewing the on-chain activity, the team confirmed it was an external hacking attack designed to mint a large amount of $PIGGY and dump it aggressively on the market, directly triggering the price collapse.
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## Instant Emergency Response: A Rapid, Coordinated Reaction
Piggycell’s reaction in the first minutes was decisive and critical:
Activated the *emergency response protocol**
Contacted all partner exchanges to *halt trading** and restrict deposits/withdrawals
Initiated *real-time on-chain monitoring** to prevent further movement from the attacker’s wallets
* Began tracing all suspicious wallets and related transactions
This immediate action helped contain the situation and prevented further escalation.
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## From On-Chain Data to Law Enforcement: The Case Is Now Under Investigation
Piggycell didn’t stop at technical response. The team escalated the matter legally and formally:
Filed an official report with the *National Police Agency**
Submitted a detailed report to *KISA**
* Prepared documents and evidence for an in-person visit to support the investigation fully
These steps eliminated rumors and demonstrated the team’s serious and responsible approach.
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## Not an Internal Issue — A Confirmed External Attack
Amid speculation, Piggycell clarified that:
There is *no evidence** of internal leakage
* No team member was involved
* The attack originated entirely from an external party
An *independent external security audit** will follow to document all findings
This level of transparency helped restore confidence among many holders.
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## What About the Holders?
Piggycell emphasized that holder protection is the top priority.
The team is currently preparing recovery and compensation measures, which will be announced once verified and finalized.
Until then, the community is strongly advised:
*Do not trade $PIGGY** on any CEX, DEX, or liquidity pool
* Be cautious of unofficial DMs, “compensation” offers, links, and airdrops
Follow updates *only through official Piggycell channels**
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## What Comes Next?
Piggycell was only days away from announcing new partnerships and a second listing, but the team decided to:
*Pause all upcoming announcements**
* Focus entirely on uncovering the full details of the incident
* Reinforce and rebuild the entire security system
* Return with a stronger, more secure structure
With the scale of data now under investigation, the next official update could mark a major turning point for the project.
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## Conclusion
The December 5 incident was a major blow, but it revealed something important:
**Piggycell did not hide, deny, or deflect responsibility.
Instead, the team acted quickly, stayed transparent, and initiated formal investigations.**
The community now awaits the next steps and the official recovery plan. One thing is clear:
> This is not the end of the story — and what comes next may be stronger than anyone expects.
Stay tuned to the official Piggycell channels for further updates.