Pundi AI delisted by mainstream exchange in South Korea after Hacker attack

Recently, Pundi AI was attacked by a Hacker and was requested by the Digital Asset Exchange Association of Korea (DAXA) to have its tokens delisted by its members. The incident was caused by the theft during the token migration process, and related information was not disclosed to the public in a timely manner.

According to the co-founder of Pundi AI, on the afternoon of July 12, hackers exploited a vulnerability in the token migration contract and unusually minted 1 million PUNDI tokens. The team took immediate action after discovering the anomaly, freezing transfers and initiating asset tracking. Considering that the hackers did not immediately sell all the tokens, the team decided to withhold details for now in order to recover as many assets as possible.

This strategy has achieved significant results. The team successfully intercepted about 95% of the stolen assets on Ethereum and their own mainnet. The main losses occurred on the BSC chain due to delays in response from third-party service providers over the weekend. Ultimately, the team recovered about 87% of the assets and decided to bear nearly $2 million in losses themselves. For the users affected by this, the team provided full compensation at fair market prices.

However, DAXA believes that Pundi AI did not disclose information in a timely manner, and therefore requested its member exchanges to delist its tokens. This decision came as a surprise and disappointment to the team. They believed they had acted responsibly during the crisis but ultimately still faced delisting. This also serves as a warning to other projects operating in the Korean market - in Korea, the timeliness and transparency of information are crucial.

Despite facing challenges, Pundi AI remains optimistic about the future. They plan to increase investment in decentralized exchanges, promote new AI data products, and implement token buyback and airdrop programs to give back to the community. The team stated that delisting has instead "unlocked the seal" for the project's development, allowing them to utilize token economics more flexibly.

Regarding the new product, Pundi AI has launched an "AI Data Set Launchpad" named Data Pump. This product aims to tokenize data, allowing users to package various content data into NFTs and generate corresponding tokens for trading. The team believes that, compared to other projects, they place greater emphasis on high-quality data in specialized subfields and have developed AI AMM functionality to realize data assetization.

Regarding the development of the Web3 AI field, Pundi AI believes that the current bottleneck lies in the lack of applications that can truly change lives. They believe that the main value of blockchain in the AI field is to protect user data sovereignty and privacy. However, ordinary users have not yet fully realized the importance of data privacy. For the field to usher in a real boom, it may be necessary to wait for traditional AI giants to actively embrace blockchain technology and provide users with data protection features.