DePIN project $PIGGY crashes by 90%! An address minted $4 million worth of tokens and dumped them. Official response: Investigation is underway.

Popular DePIN project PIGGY ($PIGGY) experienced a price crash of over 90% in a short period at around 20:00 tonight (5th), with its market cap evaporating by millions of dollars in an instant. What happened?

(Previous context: Korean shared power banks launch mining feature—earn PIGGY airdrops by charging, token already listed on Binance)

(Background: Animoca Brands targets US Nasdaq listing in 2026: focusing on stablecoins, AI, and Depin projects)

Popular DePIN project PIGGY ($PIGGY) experienced a price crash of over 90% in a short period at around 20:00 tonight (5th), with its market cap evaporating by millions of dollars in an instant.

According to crypto community investigations, the main cause of this crash came from a wallet address “0x942f360d8a265aFcfDFa564429550DD755F96896”. Within 10 minutes, this address used contract permissions to mint approximately $4 million worth of PIGGY tokens, which were then dumped in full onto the market, directly draining the liquidity pool and triggering a chain reaction of panic selling that caused the token price to collapse to near zero.

$PIGGY RUG Over the last 10 minutes, nearly $4M worth of $PIGGY was freshly minted – and immediately dumped on the market The token collapsed -90% instantly Minting wallet:0x942f360d8a265aFcfDFa564429550DD755F96896 pic.twitter.com/5SI2NmezQO — onchainschool.pro (@how2onchain) December 5, 2025

Regarding this incident, the crypto community is currently divided into two main camps: one believes the project may have been hacked, with attackers gaining access to the team’s private keys and minting tokens for a massive sell-off; the other sees it as a classic “Rug Pull” (developer exit scam). However, the facts remain unclear for now.

Official response: Cause under investigation

PIGGY’s official team also responded via a post on X this evening, stating:

Dear Piggycell community: We are aware of the abnormal and severe price drop of $PIGGY . The team is working hard to investigate the root cause of the incident and has contacted all exchange partners to request trading suspension and additional protection measures. Once full information is confirmed, we will take immediate necessary action and update the community as soon as possible. In the meantime, we strongly advise all users not to trade $PIGGY on any DEX or liquidity pool until the issue is completely resolved and an official update is released. Thank you for your patience and understanding—we are doing our best to handle this incident.

Dear Piggycell community, We are aware of the abnormal and severe price drop of $PIGGY. The root cause is still under investigation, and we have contacted our exchange partners to request a temporary trading suspension and additional safeguards. Once we have verified… — Piggycell (@piggycell) December 5, 2025

What is the PIGGY project?

PIGGY, officially known as Piggycell, claims to be “the world’s first decentralized rechargeable battery sharing network,” positioned in the DePIN (Decentralized Physical Infrastructure Network) sector. Their official pitch is to combine shared power banks with Web3 mining: users purchase physical “Piggycell power banks” equipped with chips and sensors, and place them in public locations like cafes and malls to form charging nodes. When others rent the power bank, the node owner receives $PIGGY token rewards; the power bank also uploads environmental and usage data to the blockchain, earning additional DePIN node rewards—so-called “mining while sharing power”.

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<DePIN Project $PIGGY crashes 90%! Wallet mints $4 million in tokens and dumps, official response: under investigation> This article was first published on BlockTempo—The Most Influential Blockchain News Media.