HAI Token Breach: 251M Mint Tanks Price by 55%
Hacken’s HAI token suffered a major security breach after an attacker likely accessed the deployer’s private key and minted 251 million new HAI tokens on Ethereum and BNB Chain. This unauthorized mint triggered a 55% price crash, pushing HAI from around $0.026 down to $0.009 and driving the RSI into oversold territory. On-chain data showed the exchange supply doubling from 10.36 million to 21.77 million tokens in 24 hours, signaling heavy sell-side pressure. The Net Exchange Flow recorded a 64 million token inflow, further confirming market panic and weak order book absorption. Hacken’s developers have launched an internal investigation and urged users to halt all bridging. Traders should exercise caution amid this HAI token breach and fragile market confidence.
Bearish
The unauthorized mint of 251 million HAI tokens and the resulting 55% price collapse signal a sharp deterioration in market confidence. Similar to past incidents like the Wormhole hack or the dForce exploit, rapid token inflows onto exchanges drove sell-side pressure that overwhelmed buy walls. Short term, traders face heightened volatility and potential stop-loss cascades as HAI remains deeply oversold. The spike in exchange supply and large net inflows warn of continued downside risk until liquidity is absorbed and the project restores security. Long term, restoration of trust will depend on Hacken’s audit findings, private key management improvements, and demonstrated on-chain controls. Until then, the market outlook is bearish.