Newton Gitonga
The crypto market slumped on Monday after Iran threatened global oil supply as the parliament voted in favor of closing the Strait of Hormuz following the United States’ strikes.
While Bitcoin plunged below $100K, hacking revelations saw Hacken’s HAI losing nearly 99% of its value following Saturday’s dramatic crash.
The Web3 security platform faced a devastating stress test last week after perpetrators compromised a private key connected to a minter account, which is active on BNB Chain and Ethereum.
That allowed the hackers to mint unauthorized HAI assets before quickly dumping them on DEXs, leading to $250,000 in losses.
The incident triggered panic across the community, but one key update renewed investor trust.
The team confirmed that the fraudsters didn’t access the primary deployer wallet.
That allows Hacken to retract the rogue minter roles, preventing the hack before further damage.
A private key of an account with a minter role (ETH & BNB) was compromised, leading to unauthorized HAI minting and a dump on BSC DEXs.
One big misconception: the deployer wallet was NOT compromised. That’s exactly what let us revoke the compromised minters from the $HAI
The team emphasized that all legitimate user balances were secure and traceable.
Notably, Hacken’s effective containment approach and swift, clear communication restored community confidence.
HAI prices reflected that with substantial bounce-back hours after the full disclosure.
The native token soared to today’s peak of $0.01 after a staggering 277% surge from June 21 lows of $0.00264929.
A transparent response restores confidence
Hacken’s team didn’t explain what happened alone; they presented a complete post-mortem of the incident, addressed all rumours, and highlighted plans for improving bridge architecture.
Hacken emphasized that this was not necessarily a hack but a human mistake during infrastructure redesign.
The platform has appointed a dedicated team for bridge restructuring to prevent future risks.
Furthermore, Hacken plans to reveal evaluations of similar bridges across the DeFi sector to avoid such occurrences in the entire landscape.
Why the attack failed
Despite this significant breach, Hacken reaffirmed that the ecosystem’s core infrastructure remained untouched.
The perpetrator failed to bridge HAI to different networks or affect XEC balances, thanks to Hacken’s solo-chain deployment on VeChain.
The attacker could not transfer BSC or ETH tokens to centralized exchanges, and Hacken could trace all legitimate user balances.
Moreover, the team promises top-notch security features to reduce human error.
This incident will lead to even stricter security protocols, with a specific focus on minimizing the impact of human error.
HAI price outlook
The native token hovers at $0.01 after a substantial rebound from its latest lows.
HAI trades 63% below its post-hack price level of $0.01623.
Reduced trading volume signals widespread investor and trader fears.
The current outlook suggests that HAI will hardly sustain its recovery.
Thus, the alt will likely lose its prevailing upside momentum, especially as bears dominate the broad crypto market.
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