• 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 in the course of the Haven 3.2 rebase to Monero.

Haven Protocol, a blockchain mission recognized for its mint-and-burn mechanism, has suffered a mint exploit, resulting in a dramatic plunge in its token price.

The exploit allowed a hacker to mint an unlimited variety of XHV tokens, driving the availability 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 occurred to the Haven Protocol?

The Haven Protocol group disclosed the exploit through their social media account, revealing that over 500 million XHV tokens have 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 alternate provide question, contrasting sharply with the audited provide of 263 million tokens. Builders attributed the breach to a vulnerability within the “range proof validation” code, launched in the course of 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 crucial hole within the protocol’s safety measures.

The exploit has considerably impacted the market standing of XHV, a mission that when noticed its token peak at $28.99 in April 2021. The incident has compounded its decline, with the present price 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 group acknowledged the gravity of the breach, expressing remorse and promising additional updates as discussions inside their Haven Operations Committee (HOC) progress.