Hacken Token Suffers Catastrophic 99% Plunge After Crypto Hack
Cryptocurrency markets can be unpredictable, but a recent event involving the Hacken token (HAI) highlights the stark realities of security vulnerabilities. A significant exploit has sent the token’s value plummeting, leaving investors reeling and the cybersecurity firm at the center of the incident addressing the fallout.
Understanding the Private Key Leak Incident
The core issue behind the dramatic drop in the Hacken token‘s value stems from a compromised private key leak. According to cybersecurity firm Hacken, this critical security breach allowed an unauthorized actor to gain access to an account with minting privileges for the HAI token on both the Ethereum and BNB Chains.
This wasn’t a simple theft from user wallets but an exploit of the token’s infrastructure itself. The bad actor was able to:
- Mint new, unauthorized HAI tokens.
- Immediately dump these newly created tokens onto decentralized exchanges.
This sudden influx and selling pressure overwhelmed the market, leading directly to the token’s price collapse.
The Impact on HAI Token Price
The consequences for the HAI token price were immediate and severe. Following the unauthorized minting and dumping activity on Saturday, the token experienced a staggering drop of approximately 99%. Its value plummeted from around $0.015 down to a low of $0.000056. While it has since recovered slightly to trade around $0.00026, the damage to its market value is undeniable.
Hacken’s CEO, Dyma Budorin, acknowledged the significant blow, stating that while the core business infrastructure remains secure, the primary damage has been to the company’s reputation and the token’s standing in the market.
Cybersecurity Firm Hacken Responds to the Exploit
In the wake of the crypto hack, cybersecurity firm Hacken has taken steps to mitigate further damage and address the situation. The team quickly revoked the compromised minter account’s access to the token contract, regaining control over the minting function. However, the attacker reportedly still managed to escape with at least $250,000 worth of tokens.
Hacken attributes the private key leak to architectural changes being made to their blockchain bridge, ironically, changes intended to prevent such risks. They explained that redesigning an existing bridge is a complex process involving contract migration.
As a precaution, bridge transactions on Ethereum and BNB Chain have been paused. The company also issued a warning against potential scams, clarifying that no airdrops are currently planned.
Future Plans for the Hacken Token
Looking ahead, cybersecurity firm Hacken is focusing on transforming the HAI token‘s future. CEO Dyma Budorin stated that tokens purchased after the hack on the affected networks (BNB Smart Chain and Ethereum) will not be supported in the new tokenomics model. This is a critical point for anyone who might have attempted to buy the dip immediately after the crash.
The long-term vision is to convert HAI into a regulated security token, merging token utility with equity rights by integrating HAI holders with Hacken’s equity shareholders. This strategic shift aims to provide greater stability and regulatory clarity.
For legitimate users holding HAI prior to the incident, balances remain trackable, and a swap option for a new token model is expected in the future, with details to be announced.
Broader Context: Crypto Hack Trends
Unfortunately, the Hacken incident is not isolated. Crypto hacks continue to be a significant threat in the digital asset space. Reports indicate substantial losses due to malicious activities.
For instance, blockchain security firm PeckShield reported that hackers stole over $1.63 billion in crypto during the first quarter of 2025 alone. More recently, the liquid staking protocol Meta Pool suffered an exploit where an attacker minted a large amount of their token, mpETH, though they were only able to steal a smaller amount of Ether.
These incidents underscore the persistent security challenges within the blockchain ecosystem and the importance of robust security practices, even for firms specializing in cybersecurity.
Conclusion: Navigating the Aftermath
The dramatic 99% plunge of the Hacken token following a private key leak and subsequent crypto hack serves as a stark reminder of the vulnerabilities that exist in the digital asset world. While cybersecurity firm Hacken is working to address the issue, recover, and pivot towards a new token model, the incident highlights the critical need for stringent security measures and careful consideration by investors. The path forward involves rebuilding trust and implementing robust solutions to prevent future exploits of this nature, aiming for a more secure future for the HAI token and the broader ecosystem.
