Why Hacken Token Plunged 99%: A Lesson on Crypto Security

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Hacken token plunges 99% after hacker mints and dumps $250K

The Shocking Plunge of Hacken Token: What Happened?

This past weekend, the Hacken Token (HAI) saw a staggering 99% drop in its value, plummeting from $0.015 to just $0.000056. The cause? A breach of security through a private key leak. Hacken, a cybersecurity firm, reported that a hacker exploited this vulnerability to mint and sell $250,000 worth of HAI in a matter of hours, causing panic among investors.

Discovering the Source of the Breach

According to Hacken, the leak happened due to changes made to their blockchain bridge, which was intended to enhance security. Despite the huge financial loss and damage to their reputation, Hacken assured that their core systems remained secure and separate from the incident. They have revoked the compromised minting account and are currently working to regain full control.

Immediate Impact on Investors and Future Moves

CEO Dyma Budorin emphasized the firm’s determination to turn this crisis into an opportunity by transforming HAI into a security token. Unfortunately, tokens purchased after the hack on BNB Smart Chain and Ethereum will not be valid under the new tokenomics. This decision further complicates matters for investors who were left facing losses.

Lessons Learned: The Importance of Security in Crypto

This incident serves as a cautionary tale for the cryptocurrency community. It highlights the pressing need for security measures to prevent such breaches in the future. As companies innovate and update their infrastructures, the risks associated with these changes must be mitigated to protect investors.

If you want to stay updated on the evolving landscape of cryptocurrency and how to safeguard your investments, now is the time to pay attention to security practices. Whether you’re a newcomer or a seasoned trader, understanding these dynamics can help you navigate the trading waters more effectively.

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