DePIN Project $PIGGY Flash Crash 90%! An address minted $4 million in tokens for dumping, official response: under investigation
The price of the popular DePIN project PIGGY ($PIGGY) plummeted by more than 90% in a short period of time at around 20:00 tonight (5th), and millions of dollars in market value were instantly wiped out. What happened?
(Preliminary information: South Korea’s shared mobile power supply has mining function online, charging will get PIGGY airdrop, and the token has been listed on Binance)
(Background supplement: Animoca Brands calls for listing on NASDAQ in the United States in 2026: focusing on stablecoins, AI, and Depin projects)
The popular DePIN project PIGGY ($PIGGY) will be launched at 20:00 today (5th) evening Around 20%, prices plummeted by more than 90% in a short period of time, with millions of dollars wiped off the market value in an instant.
According to a survey in the crypto community, the main cause of the crash came from a wallet address "0x942f360d8a265aFcfDFa564429550DD755F96896". The address used the contract authority to mint PIGGY tokens worth approximately US$4 million within 10 minutes, and then dumped them all into the market, directly smashing through the liquidity pool, triggering a chain of panic selling, and causing the currency price to collapse to 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
As for this incident, the encryption community is currently divided into two main groups of speculation: one group believes that the project may have been attacked by hackers, who hacked into the team's private keys and then frantically minted coins and smashed the market; the other group directly set the tone for the classic "Rug Pull" (developer ran away). However, it is still unclear what the facts are.
Official response: The reason is under investigation
Regarding this matter, PIGGY officially issued a response through the The team is currently investigating the root cause of the incident and has contacted various exchange partners to request a suspension of trading and additional protective measures. Once complete information is confirmed, we will take necessary actions immediately and release the latest instructions to the community as soon as possible. Prior to this, we strongly recommend that all users do not conduct $PIGGY buying and selling transactions on any DEX or liquidity pool until the issue is completely resolved and official updates are released. Thank you for your patience and understanding while we are working hard to deal with 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 PIGGY?
PIGGY, whose full name is Piggycell, claims to be "the world's first decentralized rechargeable battery sharing network" and is positioned as the DePIN (decentralized physical infrastructure network) track. The official promotional concept is to combine shared power banks with Web3 mining: users purchase physical "Piggycell power banks" with built-in chips and sensors, and place them in public places such as cafes and shopping malls to form charging nodes. When others rent the power bank, the node owner can receive $PIGGY token rewards; at the same time, the power bank will upload environment and usage data to the blockchain, and additionally receive DePIN node rewards, known as "sharing charging and mining at the same time."
