Hacken’s HAI Token Crashes 97 Percent After Bridge Exploit

June 21, 2025 – HAI, the native token of Web3 security firm Hacken, crashed 97 percent on June 21 after a critical exploit compromised its Ethereum and BNB Smart Chain (BSC) contracts. The attacker gained access to private keys, minted tokens without limit, and triggered a rapid market sell-off.

The attack has frozen bridges across the ecosystem and left the Web3 security community grappling with questions about trust, governance, and the risks facing even the industry’s top audit firms.

Key Takeaways

• Hacken’s HAI token crashed 97 percent after an attacker compromised its bridge private key
• Unlimited token minting on Ethereum and BSC triggered mass sell-offs
• Only VeChain HAI remains valid; all cross-chain bridges are frozen
• Hacken’s reputation as a leading security firm has been damaged
• The incident raises broader concerns about Web3 bridge security and key management

The Anatomy of the Exploit

Hacken confirmed that the private key tied to its bridge deployment was compromised. Using this key, the attacker minted large volumes of HAI on both Ethereum and BSC, triggering massive sell pressure across both centralized and decentralized markets.

With liquidity overwhelmed, the token price collapsed from approximately $0.01 to near zero within hours, erasing hundreds of millions in market value. Hacken responded by freezing all cross-chain bridges involving Ethereum, BSC, and VeChain.

At present:

• HAI on Ethereum and BSC is now invalid
• Only VeChain-based HAI remains valid
• All bridges remain frozen
• Users are advised not to bridge or trade Ethereum/BSC HAI tokens

The Irony for Web3’s Security Sector

The incident has hit particularly hard because of Hacken’s reputation as a leading Web3 security firm. Known for audits, penetration testing, and anti-exploit tooling, Hacken now faces a protocol-level exploit of its own—a blow that raises uncomfortable questions about systemic security risks across the space.

“Smart contracts remain inherently risky, and this attack highlights how one private key compromise can wipe out an entire token ecosystem,” noted one security researcher on X.

Broader Impact on the Hacken Ecosystem

The consequences of the hack are significant:

• HAI stakers are trapped in frozen positions
• DAO governance is halted
• Token utility has been crippled
• Market confidence in Hacken and its token is badly shaken

Hacken’s team has yet to announce a clear recovery plan, though investigations are ongoing. The path to restoring trust will likely require full transparency and decisive action in the coming weeks.

Community Reaction

The broader Web3 security community is watching closely. “If a firm like Hacken can fall victim to this, what does it say about where we are with bridge security and key management?” asked one prominent DeFi builder.

The incident also reinforces longstanding concerns about bridge design, which remain a persistent attack vector across crypto markets.

Did You Know?

Founded in 2017, Hacken was one of the first security firms in crypto to offer decentralized bug bounty platforms and has previously worked with major protocols including Binance, KuCoin, and Gate.io.