On June 20, Hacken's $HAI token experienced a dramatic crash of nearly 98% after alerts about suspected exploits in its BSC and Ethereum bridge contracts. Token holders rushed to exit, leading to the freefall.
Crash of $HAI Token
The $HAI token plummeted by nearly 98% in minutes as blockchain security observers flagged suspected exploits in its bridge contracts on BSC and Ethereum. The decline was triggered by concerns over security, prompting holders to panic sell.
Bridges Suspended
Following the exploit alerts, Hacken promptly suspended bridging on Binance Smart Chain and Ethereum. Currently, the only operational bridge for $HAI transfers is the VeChain bridge. This swift action helped prevent further losses, although it significantly impacted trust in the platform.
Market and Community Reactions
Crypto observers likened the event to sudden 'rug pull' scenarios. The community's fear is palpable—many feel blindsided by the exploit, even as full investigation details remain under wraps. Hacken’s core business is Web3 security auditing. Ironically, its own token fell victim to a suspected exploit. The confidence in the brand—built on audits and bridge integrity—is now under pressure.
The $HAI situation underscores the importance of security measures and protection protocols in the cryptocurrency space. The forthcoming actions from Hacken will be crucial in restoring trust among users and investors.
