Hacken's $HAI Token Crash: Human Error Blamed
Hacken, a Ukrainian cybersecurity company, attributed the $HAI token crash to human error, after a private key leak allowed near-limitless token creation. This event led to the price of $HAI plummeting by 98%. Hacken's investigation revealed that a minter role account's key was compromised, resulting in unauthorized $HAI minting on Ethereum and BNB and a subsequent dump on BSC DEXs. The assailant managed to escape with $250,000, while the market saw about 900 million new $HAI tokens, drastically lowering its value. Following the incident, $HAI's capitalization shrank from $12.7 million down to $7.2 million. Hacken's CEO, Dyma Budorin, took responsibility, acknowledging he had delayed infrastructure improvements. The team has secured control over compromised accounts and hinted at a potential token swap to reimburse holders. Hacken's earlier report warned of the dangers of access control exploits, which proved prescient during this breach. The company is investigating further to report in detail. Disclaimer: The Block is an independent media source, financially backed by Foresight Ventures, among others, providing unbiased crypto sector news.
FAQ
❓ What caused the $HAI token crash?
A private key leak led to unauthorized minting of $HAI tokens, massively inflating supply and crashing the value by 98%.
❓ How is Hacken handling the situation?
Hacken plans to revoke control from compromised accounts and may initiate a token swap to compensate affected $HAI holders.
❓ What measures will Hacken implement to prevent future breaches?
Hacken's CEO stated they plan to improve security infrastructure, which could include enhanced access controls and multisignature systems.