Catenaa, Tuesday, June 24, 2025-Web3 cybersecurity firm Hacken has blamed a private key leak on human error after its native token $HAI plummeted in value by nearly 98% on Friday, wiping out $5.5 million in market capitalization.
Hacken has not responded yet.
The incident occurred after an attacker accessed a minting account on both Ethereum and Binance Smart Chain, issuing approximately 900 million unauthorized tokens.
Hacken said the compromised account had minting rights, allowing the attacker to flood the market and dump tokens on decentralized exchanges.
The token’s value dropped sharply, with market cap falling from $12.7 million to $7.2 million, according to CoinGecko.
On X, Hacken CEO Dyma Budorin accepted responsibility, acknowledging he had delayed implementing a multisignature bridge infrastructure. “I understood the risk, but delayed bridge restructuring,” Budorin wrote, calling the incident preventable.
Hacken said the deployer wallet remained secure and that control of the compromised minting accounts had been revoked.
The company is investigating and plans to release a full post-mortem report. Hacken also hinted at a possible token swap, suggesting a merger between $HAI holders and Hacken equity shareholders valued at over $100 million.
The breach highlights ongoing vulnerabilities in Web3 governance. Hacken’s own April report warned that the leading threat to decentralized systems stemmed not from code, but from failures in access control and human oversight, an observation now mirrored in its own crisis.
