- Hacken Token fell after a private key leak.
- Approximately $250,000 value was affected.
- Price dipped 99% but is slightly recovering.
HAI Tokens Minted Illegitimately After Key Leakage
Hacken, a renowned cybersecurity firm, experienced an unauthorized minting of their token, HAI, after a private key leak. The breach attributed to human error occurred during a blockchain bridge redesign, causing significant market activity.
Approximately $250,000 worth of tokens were minted and dumped, causing the HAI token’s value to plummet. Hacken’s team attributed the incident to architectural changes without attributing blame to specific individuals.
The private key was connected to an account with a minting role on the Ethereum and BNB Chain, which led to the ‘unauthorized HAI minting and a dump’ on decentralized exchanges — causing a 99% drop in the value of HAI from $0.015 to $0.000056.
99% Drop in Hacken Token Value Post-Incident
The immediate market reaction caused the value of Hacken Token to drop by 99%. Hacken has since gained slight recovery in HAI’s price but remains cautious with paused bridge transactions.
Liquidity and investor confidence were heavily affected, with a crucial mitigation step being the revocation of the compromised minter account. Hacken assures no other assets were compromised in the incident.
Comparing Hacken’s Breach to Past Crypto Incidents
Similar breaches have occurred during infrastructure upgrades, such as the Ronin and Poly Network incidents. This event highlights ongoing challenges in key management and bridge security in blockchain technology.
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Based on past trends, the potential recovery might involve heightened security protocols and deeper trust rebuilding within the community. However, continued vigilance is necessary to avoid repeat occurrences.
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