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- Haven Protocol suffered a mint exploit, with over 500 million XHV tokens minted illicitly,
- The hack has despatched the worth of the XHV token down by over 60%.
- Hacker(s) exploited a vulnerability within the vary proof validation code, launched throughout the Haven 3.2 rebase to Monero.
Haven Protocol, a blockchain undertaking identified for its mint-and-burn mechanism, has suffered a mint exploit, resulting in a dramatic plunge in its token worth.
The exploit allowed a hacker to mint an enormous variety of XHV tokens, driving the provision to unmanageable ranges. Following the hack, the worth of the Haven token (XHV) nosedived by over 60%, falling from $0.0003594 to $0.0001341.
What occurred to the Haven Protocol?
The Haven Protocol staff disclosed the exploit through their social media account, revealing that over 500 million XHV tokens had been illicitly created.
⚠️ Haven Mint Exploit ⚠️
Sadly we have been hit by an exploit.
This was recognized when querying the quantity of XHV on exchanges.
The quantity reported to us is in extra of 500 million XHV.$XHV
🧵👇🏼— Haven Protocol (@HavenXHV) December 10, 2024
This discrepancy was detected throughout an trade provide question, contrasting sharply with the audited provide of 263 million tokens. Builders attributed the breach to a vulnerability within the “vary proof validation” code, launched throughout the Haven 3.2 rebase to Monero.
This flaw enabled the creation of XHV tokens with out detection, because the minting occurred after auditing processes.
Notably, the excess tokens weren’t accounted for within the audited provide figures, exposing a vital hole within the protocol’s safety measures.
The exploit has considerably impacted the market standing of XHV, a undertaking that when noticed its token peak at $28.99 in April 2021. The incident has compounded its decline, with the present worth reflecting the erosion of belief within the protocol.
In response, Haven Protocol urged its group to keep away from buying XHV on exchanges, citing ongoing efforts to evaluate the scenario. The staff acknowledged the gravity of the breach, expressing remorse and promising additional updates as discussions inside their Haven Operations Committee (HOC) progress.