After hackers minted and sold $250,000, Hacken Token fell 99%.

According to Gate News bot, CoinTelegraph reports that cybersecurity company Hacken believes that the leak of private keys led to criminals minting and stealing $250,000 worth of the ecosystem’s native Hacken Token (HAI), causing it to experience a big dump of about 99% on Saturday.

Hacken stated in a post on X that private keys are linked to accounts with minting roles on chains like Ethereum, which led to the decentralized exchange’s “unauthorized HAI minting and dumping”—causing the value of HAI to fall 99% from $0.015 to $0.000056.

Members of the Hacken team stated that they have revoked the compromised minting accounts from the token contract and regained control; however, according to Hacken’s current estimates, the perpetrator still managed to abscond with tokens worth at least $250,000.

“Core infrastructure is always kept separate from HAI infrastructure and remains secure at all times. There is currently no evidence of any leak other than the Private Key,” said Hacken.

Hacken stated that the Private Key was leaked during the “architectural changes” of the company’s blockchain bridge, and Hacken indicated that this change was implemented to “specifically prevent such risks.”

The company stated: “At the time of building the bridge for Hacken, the market and technology looked completely different. Redesigning the deployed bridge means migrating contracts - a complex legal and technical process.”

As a precaution, Hacken has suspended bridging transactions on chains like Ethereum until further notice, and warns that there is no airdrop plan; any posts to the contrary are scams.

Hacken CEO Dyma Budorin stated in an X post on Sunday that all tokens purchased on the affected network after the hack “will not be supported in the new tokenomics.”

Hacken stated that the balances of all legitimate users can still be tracked, and HAI tokens will later be available for exchange, with details to be announced soon.