Hacken's Nightmare: 900M HAI Tokens Minted in Shocking Exploit!

Unauthorized Minting Shakes Ethereum and BNB Chain

Hold onto your hats, crypto fans! Blockchain security powerhouse Hacken just revealed a jaw-dropping exploit where a sneaky attacker minted a whopping 900 million HAI tokens on both Ethereum and BNB Chain. This isn't your everyday hack; it's a full-on crypto heist!

How Did It Happen?

On June 21, while Hacken was tweaking its blockchain bridge to boost security, a private key got exposed. Yep, you heard that right. During these critical updates, a key with minting powers was left wide open, allowing the bad actor to go on a minting spree and dump those tokens faster than you can say "decentralized exchange."

Bridging the Gap, Literally

Hacken's blockchain bridge, meant to seamlessly move tokens between Ethereum and BNB Chain, was built in simpler times, the firm admits. "Redesigning a deployed bridge means migrating contracts—a complex legal and technical process," they explained. Talk about a headache!

Immediate Action Taken

Hacken didn't waste a second. They yanked the compromised minter account's access and slammed the brakes on bridge transactions across both chains. But the damage was done—the attacker strolled away with an estimated $250,000 in loot, although low liquidity saved the day from even bigger losses.

Stay Away from HAI!

The Hacken crew is sounding the alarm, urging everyone to steer clear of HAI tokens for now. And those airdrop claims floating around? Total scams, they warn. Don't fall for it!

CEO Steps Up

Hacken's CEO, Dyma Budorin, isn't shying away from responsibility. He admitted that the lack of a multisig bridge setup played a role in the breach. But he's quick to reassure that Hacken's core infrastructure is still rock-solid and untouched. Phew!

What's Next for HAI?

Budorin also dropped a bombshell: tokens bought after the hack won't be part of the upcoming tokenomics update. A snapshot's been taken to keep track of legit user balances, and a migration plan is in the works. Long-term, Hacken's eyeing a big move to turn HAI into a regulated financial instrument, blending token utility with equity rights. And guess what? This hack just fast-tracked those plans!

The Price Plunge

HAI's value? It took a nosedive, crashing nearly 99% from $0.015 to a measly $0.000056 before clawing back to $0.00967. Talk about a rollercoaster ride!

A Grim Reminder

And let's not forget, last year's Hacken report pointed out that access control vulnerabilities, like private key leaks, were the top cause of crypto hack losses in 2024, making up a whopping 78% of total damages. A stark reminder to keep those keys locked up tight!