The Hacken Token (HAI) faced a catastrophic decline of approximately 99% after a cybersecurity incident that involved a critical private key leak. The event, reported to have allowed a malicious actor to mint and dump over $250,000 worth of tokens, raised significant concerns regarding the integrity of blockchain infrastructure.
According to Hacken’s chief executive, Dyma Budorin, while the monetary loss is substantial, the most damaging aspect has been the company’s reputation. The firm clarified that the incident was isolated and did not affect its primary business operations. The unauthorized minting led to HAI’s value plummeting sharply from $0.015 to a mere $0.000056 on decentralized exchanges, a dramatic fall indicating the fragility of unregulated digital currencies.
In an effort to regain control after the attack, Hacken has since revoked the compromised minting account linked to both the Ethereum and BNB Chain. The company asserts that their core infrastructure remains secure and separate from the HAI ecosystem, with no other compromising factors detected beyond the initial leak.
Reasons Behind the Leak
- The leak occurred during architectural changes made to Hacken’s blockchain bridge, a move intended to increase security.
- The organization had been redesigning its deployed bridge to address inherent risks.
- Hacken indicated that updating existing infrastructure is often complex, involving intricate legal and technical processes.
As a preventative measure, Hacken has halted all bridge transactions on Ethereum and BNB Chain until further security assessments are completed. The firm also issued a warning, stating that any communication regarding airdrops related to the compromised account was fraudulent.
Looking ahead, Hacken has plans to transition the HAI token into a regulated financial instrument that will blend token utility with shareholder equity rights, aiming to overhaul the tokenomics surrounding HAI. Budorin emphasized the importance of supporting only legitimate user balances in the forthcoming restructuring.
In light of this incident, the broader crypto community remains vigilant, with reports highlighting that hackers stole over $1.63 billion in crypto assets during the first quarter of 2025 alone. This speaks volumes about the ongoing security challenges facing the decentralized finance sector and highlights the need for robust protective measures.
