Hacken Exposed: The 251M Token Mint That Nearly Destroyed HAI

A seismic event rocked the DeFi world as Hacken uncovered a 251 million token mint that sent shockwaves through HAI's ecosystem. Here's how it unfolded—and why 'trustless' systems still need trust.

The Exploit: Inside the Code

Smart contracts promised bulletproof security—until they didn't. The mint bypassed protocol safeguards like a hot knife through butter, proving even decentralized systems have single points of failure.

Aftermath: Picking Up the Pieces

HAI's price cratered 63% in 12 hours as panic selling ensued. The 'self-correcting' algorithmic stablecoin suddenly looked more like a failed central bank—just without the bailout option.

Lessons Learned (The Hard Way)

Another day, another nine-figure crypto heist. At least traditional finance wears its corruption on tailored sleeves—DeFi rug pulls come wrapped in 'code is law' idealism.

Source: TradingView (HAI/USDT)

On X (formerly Twitter), Hacken’s devs responded quickly, launching an internal investigation and urging HAI holders on both Ethereum and BNB Chain to halt all bridging activity. 

But despite these assurances, the market’s reaction was anything but forgiving. The Exchange Supply of HAI surged to 10.36 million on the 20th of June, and then nearly doubled to a staggering 21.77 million just a day later.

This kind of inflow typically signals a surge in sell-side pressure, and in this case, it confirmed full-blown panic, exposing the lack of real underlying strength in the market.

Minted and melted: Hacken’s harsh reality check

Sure, the initial wave of panic was understandable. Security breaches tend to trigger knee-jerk reactions as fear overtakes logic. 

But in Hacken’s case, the 55% drop, breaking even below the critical $0.09 level, delivered a sobering reality check. It highlighted a structural weakness in market confidence.

On-chain data backs this up. The Net Exchange FLOW showed a 64 million token inflow, heavily outweighing outflows.

This sharp imbalance suggests that sell-side pressure continues to dominate, with liquidity piling onto order books faster than the market can absorb it. 

Source: Santiment

According to AMBCrytpo, the lack of absorption underscores the absence of strong hands. In turn, revealing that the market’s foundation may be far more fragile than it appeared. 

For Hacken’s developers, it’s a hard but necessary lesson in trust and infrastructure. For investors, it’s a clear signal: Caution isn’t optional, it’s essential.