$HAI token crash explained: 97% collapse in hours due to a key leak, cross-chain minting, and an ironic hack on a Web3 audit company itself.
Author: Akshat Thakur
The $HAI token crash was one of the most ironic and dramatic events in Web3 history. On June 21, 2025, hackers breached Hacken a company whose entire brand is built around blockchain security. In just hours, $HAI lost over 97% of its value, exposing not only a compromised bridge but also fragile assumptions about trust in decentralized ecosystems.
Hacken is one of the longest-standing cybersecurity firms in Web3. Known for smart contract audits, bug bounty programs, and tools like CER.live, it has worked with hundreds of crypto projects. $HAI is its utility token, used for governance, staking, and access to premium tools like HackenAI and the Hacken DAO.
Previously, the token operated across multiple blockchains VeChain, Ethereum, and Binance Smart Chain using custom bridges to maintain parity.
The $HAI token crash was triggered by a leaked private key controlling a key bridge smart contract. With this key, attackers minted an unlimited number of fake $HAI tokens on Ethereum and BSC.
They quickly dumped these fake tokens on decentralized and centralized exchanges. This led to:
Trust in the project eroded overnight.
In the immediate aftermath of the $HAI token crash, Hacken:
However, the community criticized the team for slow communication and the use of single-key governance on critical infrastructure.
This wasn’t just a bridge hack it exposed a broader failure in internal controls. The biggest red flags included:
For a firm focused on securing others, these issues severely damaged Hacken’s credibility.
Hacken responded by announcing a full rebuild of the $HAI ecosystem. On June 24, the team introduced a new token architecture based on LayerZero’s Omnichain Fungible Token (OFT) standard.
Key changes include:
This simplifies the architecture and significantly reduces attack surfaces.
The new infrastructure is built with hardened security from the ground up:
These upgrades aim to prevent the conditions that allowed the original exploit to happen.
To protect legitimate users after the $HAI token crash, Hacken conducted a blockchain snapshot on June 20 at 18:40 UTC. The snapshot captured user balances across Ethereum, BSC, Base (HackPot), and SafeSwap transactions.
Recovery details:
The new omnichain $HAI token will officially replace all previous versions starting in July.
As of now:
Hacken appears committed to transforming not just relaunching its ecosystem after the $HAI token crash.
The $HAI token crash triggered strong reactions across the crypto space:
“If Hacken can’t secure its own token, how can it secure others?”
“Why are we still losing funds to single-key contracts in 2025?”
“Time to rethink bridges again.”
Several clients reportedly paused audits or reassessed partnerships.
This event didn’t just damage Hacken it cast a shadow over the entire blockchain security industry.
Key lessons:
The industry is watching how Hacken recovers not just technically, but in regaining community trust.
The $HAI token crash stands as a harsh reminder that even the most security-focused teams are not immune to foundational mistakes. A secure smart contract means little if the bridge or key management around it fails.
To its credit, Hacken is not brushing this under the rug. The OFT-based rebuild, new governance controls, and transparent claim process are strong first steps. Whether users and partners return will depend on what happens after the July relaunch.
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