According to Gate News bot, citing the official Gate announcement: Gate has suspended deposit services for Piggycell (PIGGY) and will suspend withdrawal and trading services for this token at 14:00 on December 8, 2025 (UTC+8). The suspension covers PIGGY_USDT spot trading pair, quantitative trading, Earn, and margin trading. Gate has closed new margin lending for PIGGY. Users with outstanding loans in the relevant token are required to repay in advance; overdue loans will be automatically settled before 14:00 on December 8, 2025 (UTC+8). The PIGGY/USDT contract trading market will be adjusted to reduce-only mode at 15:30 on December 8, 2025 (UTC+8), and all contract positions will be automatically settled at 16:00 on December 8, 2025 (UTC+8) based on the average index price in the half hour prior to the cessation of contract trading.

Foresight News reports that Piggycell stated, "We have noticed an abnormal and significant drop in the price of PIGGY. We are currently investigating the root cause and have contacted our exchange partners to request a temporary suspension of trading and the implementation of additional security measures. Once we have verified the information, we will take the necessary actions and promptly update the community on the latest developments. In the meantime, we strongly advise all users not to trade PIGGY on any decentralized exchanges or liquidity pools until the issue is resolved and an official update is released."

Odaily Planet Daily news: According to Arkham monitoring, in the past ten minutes, nearly $4 million worth of PIGGY tokens were minted and immediately dumped onto the market after issuance, causing the token price to plummet by 90%.