A recent incident involving Hacken has revealed significant vulnerabilities in Web3 security leading to the minting of 900 million HAI tokens.
Incident Overview
According to reports, Hacken has faced a security breach affecting the $BNB and $ETH networks. The deployer wallet of the $HAI token was compromised, allowing the attacker to transfer funds.
Impact on HAI Token
The financial market reacted sharply as 900 million tokens were minted, resulting in a 97-98% price crash, bringing the value of the HAI token close to zero. This incident serves as a reminder of past catastrophic failures due to security breaches.
Importance of Key Management in DeFi
Hacken confirmed on social media that the breach involved compromised key management, highlighting issues in cross-chain bridge management. Analysts note that the rapid collapse of a major security firm's token underscores ongoing risks of key management in DeFi.
The Hacken incident serves as a critical reminder of the need for improved key management and security technologies in DeFi. Investigations and rectifications of vulnerabilities remain a top priority for Hacken.
