Hacken's HAI Token Plummets 97% After Bridge Exploits

Coin WorldSaturday, Jun 21, 2025 9:41 am ET
1min read

On June 20, the $HAI token issued by Hacken experienced a dramatic crash, losing approximately 97% of its value within minutes. This sudden decline was triggered by suspected exploits in the token's bridge contracts on both the Binance Smart Chain (BSC) and Ethereum networks. The security alerts prompted a wave of panic among token holders, who rushed to exit their positions, leading to a rapid depreciation of the token's value.

In response to the exploit alerts, Hacken swiftly took action to mitigate further damage. The company immediately suspended bridging activities on both the BSC and Ethereum networks. As a result, only the VeChain bridge remains operational and secure for HAI transfers. This prompt containment helped to limit additional losses, although the incident has significantly impacted market confidence.

The crypto community reacted with shock and concern, drawing parallels to sudden "rug pull" scenarios where investors are left with worthless tokens. The lack of detailed investigation reports has left many feeling uncertain and vulnerable. Hacken, known for its Web3 security auditing services, ironically found itself in the midst of a suspected exploit involving its own token. This event has put the company's reputation for security and integrity under scrutiny, as it must now demonstrate that its auditing standards apply to its own systems as well.

For HAI token holders, the immediate course of action is to use the VeChain bridge for safe withdrawals or transfers. Funds trapped on the compromised BSC or Ethereum bridges may remain frozen until a comprehensive security investigation is completed. Hacken's swift response indicates a well-prepared incident management plan, but a thorough forensic audit is crucial to restore trust and ensure the security of the remaining bridges.

Looking ahead, the market's confidence in HAI has been severely shaken. Even if the compromised funds are eventually recovered, the token's value will likely require new bridge contracts and enhanced security measures to regain stability. The incident serves as a stark reminder of the vulnerabilities within the crypto ecosystem and the importance of robust security protocols in maintaining market trust.