Humanity Protocol token plunges 85% after $30M hack

Humanity Protocol token plunges 85% after $30M hack
Hackers stole over $30 million from Humanity Protocol.

Hackers attacked Humanity Protocol after compromising the private keys of a member of the Humanity Foundation. Following the incident, the project's native token H plunged 85%, while analysts estimated losses at more than $30 million.

Humanity Protocol CEO Terence Kwok disclosed the attack. He said the team regrets the incident and takes responsibility for protecting the community.

After detecting the attack, the developers advised users not to interact with the bridge or liquidity pools until the investigation is completed. Kwok noted that the project is already working with security experts, although details of the incident have not yet been disclosed.

Humanity Protocol is a digital identity blockchain project built on zkEVM. Its developers position it as an identity verification system that uses palm biometrics while preserving user privacy.

H token plunges 85%

Amid news of the hack, the price of the H token fell sharply. According to CoinMarketCap, the asset dropped from about $0.70 to $0.08 within a few hours.

At the time of writing, the token is trading near $0.10. Its daily decline has reached 85%.

H token price. Source: CoinMarketCap.

An on-chain researcher known as Specter also said the attack may involve more than a single address. According to his assessment, several wallets linked to Humanity Protocol or interacting with the project's ecosystem may have been compromised.

Arkham Intelligence reported that the attacker has already moved more than $30 million worth of H tokens. According to the platform's analysts, the stolen assets have begun to be swapped through decentralized exchanges, including Kyber Network and PancakeSwap.

Pressure on the DeFi sector intensifies

Private key compromises remain one of the most common causes of major losses in the crypto industry. According to CertiK, damages from such incidents exceeded $13.7 million in May alone.

Since the beginning of the year, Step Finance, Resolv, Volo Vault, Echo Bridge, Polymarket, Stake DAO, and other market participants have fallen victim to similar attacks.

One of the largest incidents occurred in April when attackers gained control of Drift Protocol's administrative keys. The losses in that case totaled about $280 million.

As previously reported, a hacking attack targeting Polygon became public on June 6.

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