Binance-Linked Hacken Exploit: $HAI Token Crashes 90% Amid Security Breach
Web3 security auditor Hacken has suffered a major security breach affecting its native token $HAI, leading to a dramatic 90% price drop before a partial recovery. The exploit, linked to a compromised private key, allowed unauthorized minting across ethereum and Binance Smart Chain networks. Here's a detailed breakdown of the incident and its implications for the crypto market.
Hacken Suffers Major Security Breach, $HAI Token Plummets 90% Before Partial Recovery
Web3 security auditor Hacken has fallen victim to a significant exploit compromising its native token $HAI across Ethereum and Binance Smart Chain networks. The breach originated from a compromised private key linked to bridge deployment, allowing the attacker to mint unauthorized tokens.
$HAI initially plunged 90% before clawing back to a 39% loss. Cyvers Alerts identified the exploit vector through the project's deployer wallet, though Hacken claims financial damage remains limited despite substantial illegitimate token issuance.
Bitcoin Undergoes Leverage Purge as $160M Longs Liquidated
Bitcoin's violent descent below $103,000 triggered a $160 million long liquidation cascade on Binance, erasing days of Leveraged positioning. The bloodletting coincided with a -$100 million net taker volume reading - a telltale signature of aggressive spot selling.
Market structure metrics hint at potential catharsis. The 396 Stock-to-Flow ratio and depressed stablecoin reserves suggest dry powder remains sidelined, while Santiment's realized cap data shows $1.11 billion in daily exits - classic deleveraging behavior preceding basing patterns.
Binance's derivatives reset flushed overextended speculation, creating conditions for healthier accumulation. Short-term holder participation has evaporated, with HODL waves confirming retail retreat. Such washouts often plant seeds for the next leg higher.
XRP's Path to $2.35: Bullish Sentiment Clashes with On-Chain Uncertainty
XRP's social dominance surged to 2.92% as weighted sentiment turned positive for the first time since June, reaching 0.166. Binance traders show overwhelming bullish conviction, with 76.34% maintaining long positions. Yet price action remains constrained below the critical $2.35 resistance level, trapped within a descending wedge pattern.
The cryptocurrency currently stabilizes at $2.14 after bouncing from the $2.00-$2.10 demand zone. A decisive breakout above $2.35 could propel XRP toward $2.60, while rejection risks a retest of $2.00 or lower. On-chain metrics diverge from market optimism, with network value to transactions (NVT) signaling potential overvaluation despite improving sentiment.
Binance to List Sahara AI ($SAHARA) on Alpha Ecosystem Starting June 26
Binance, the leading cryptocurrency exchange, will commence trading of Sahara AI's $SAHARA token on its Alpha ecosystem on June 26. The announcement, made via Binance's official X account, highlights the platform's strategy to reward active users through exclusive airdrops tied to Binance Alpha Points.
Sahara AI emerges as a notable AI-driven blockchain project, focusing on secure decentralized AI infrastructure and intelligent data interactions. The listing underscores Binance's continued efforts to integrate innovative blockchain solutions into its ecosystem.
