- Haven Protocol suffered a mint exploit, with over 500 million XHV tokens minted illicitly,
- The hack has despatched the price 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 mission known for its mint-and-burn mechanism, has suffered a mint exploit, resulting in a dramatic descend in its token price.
The exploit allowed a hacker to mint a sizable option of XHV tokens, using the provision to unmanageable ranges. Following the hack, the price of the Haven token (XHV) nosedived by over 60%, falling from $0.0003594 to $0.0001341.
What took self-discipline to the Haven Protocol?
The Haven Protocol team disclosed the exploit through their social media legend, revealing that over 500 million XHV tokens had been illicitly created.
⚠️ Haven Mint Exploit ⚠️
Sadly we now had been hit by an exploit.
This used to be identified when querying the amount of XHV on exchanges.
The quantity reported to us is in a ways extra than 500 million XHV.$XHV
🧵👇🏼— Haven Protocol (@HavenXHV) December 10, 2024
This discrepancy used to be detected throughout an change present expect, contrasting sharply with the audited present of 263 million tokens. Developers 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 appearance of XHV tokens with out detection, because the minting occurred after auditing processes.
Particularly, the surplus tokens had been no longer accounted for within the audited present figures, exposing a indispensable hole within the protocol’s security measures.
The exploit has significantly impacted the market standing of XHV, a mission that after saw its token height at $28.ninety nine in April 2021. The incident has compounded its decline, with the newest price reflecting the erosion of trust within the protocol.
In response, Haven Protocol entreated its neighborhood to lead clear of buying XHV on exchanges, citing ongoing efforts to evaluate the difficulty. The team acknowledged the gravity of the breach, expressing remorse and promising additional updates as discussions within their Haven Operations Committee (HOC) growth.
