A warning bell about the hack incident of Token HAI from Hacken
Main information and causes of the value evaporation of Token HAI
On June 23, cryptocurrency security sources confirmed that the native Token HAI of Hacken, a Web3 cybersecurity company from Ukraine, was hacked with an almost unlimited amount. The primary reason for the 98% drop in the value of this Token was due to the private key leak, causing a severe vulnerability in the digital asset management process. The hackers exploited this loophole to create around 900 million HAI on-chain Ethereum and BNB, nearly doubling the Token supply. The market value plummeted from 12.7 million USD to 7.2 million USD before a slight recovery on Sunday.
Analysis of the private key leak and its consequences
Dyma Budorin, the founder of Hacken, admitted responsibility for not activating the multi-signature mechanism to prevent attacks in a timely manner. In this incident, the access control rules were violated, causing the private key of an account with minting rights for the Token to be exposed. As a result, the hacker extracted about 250,000 USD in profits from this act, leaving severe consequences for Hacken's cryptocurrency market. The company has temporarily revoked the rights of the account that caused the incident and plans to publish a detailed analysis report after the investigation concludes.
Recovery strategies and future predictions for Hacken
Hacken is considering implementing a Token swap process to compensate affected investors. This is seen as a step to strengthen trust and support the recovery of the project after the attack. Additionally, the company may undertake enhanced protective measures, such as upgrading the multi-signature system, to prevent recurring risks in the future. This event also opens up a major consolidation scenario between HAI and stakeholders, with a valuation exceeding 100 million USD, promising to create many positive developments in the cryptocurrency market related to Hacken's Token.
Potential impacts and lessons for the cryptocurrency community
The impact of the hack on the cryptocurrency market
The incident of the HAI Token hack from Hacken clearly shows the potential risks from managing private keys and security vulnerabilities within the cryptocurrency ecosystem. Investors need to pay attention to asset protection mechanisms, such as multi-signature authentication and systems to prevent private key leaks. This situation also highlights the importance of transparency in information and reporting consequences, helping the community gain knowledge to avoid risks in the future.
Practical lessons for cryptocurrency projects
In the process of developing Token projects, ensuring technical safety is a vital factor. Projects need to establish strict access control mechanisms, use thoroughly tested smart contracts to limit vulnerabilities. Additionally, building strategies to protect private key data and emergency response plans in case of incidents will enhance the project's reliability within the community. These lessons contribute to promoting sustainable development and raising awareness of security in the volatile cryptocurrency market.
Conclusion
The HAI Token hack from Hacken is a costly reminder of the importance of security and risk management in the cryptocurrency world. Investors and projects need to pay more attention to preventive measures, establish strict control processes, and ensure transparency of information. Only then can the cryptocurrency market continue to develop in a safer, more sustainable, and reliable environment.
Source: https://tintucbitcoin.com/hacken-canh-bao-loi-con-nguoi-ro-ri-khoa/
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