Haven Protocol Token (XHV) crashes after MINT-Exploit

• Haven Protocol suffered a MINT exploit in which over 500 million XHV-token was illegally shaped.
• The hack has the price of the XHV token drop by over 60 %.
• hacker have used a weak point in the range-proof validation code that was introduced during the changeover of Haven 3.2 to Monero.

Haven Protocol, a blockchain project known for its MINT-and-Burn mechanism, suffered a MINT Exploit that led to a dramatic slump in his token price.

The exploit made it possible for a hacker to shape a large number of XHV tokens, which drove the stock to an unmanageable level. After the hack, the price of the Haven token (XHV) crashed by over 60 % and fell from $ 0,0003594 to $ 0.0001341.

What happened to the Haven protocol?

The Haven Protocol team announced the exploit via its social media account and revealed that over 500 million XHV token were illegally created.

⚠️ Haven mint exploit ⚠️

Unfortunately we were hit by an exploit.

This was found to query the XHV amount on stock exchanges.

The number reported to us is over 500 million xhv. $ xhv 🧵👇🏼

-Haven-Protokoll (@havenxhv) 10. December 2024

This discrepancy was found in a stock market offer query and is in a sharp contrast to the certified supply of 263 million tokens. The developers attributed the violation to a weak point in the "Range Proof Validation" code, which was introduced during the Rebase of Haven 3.2 on Monero.

This error enabled the unnoticed creation of XHV token, since the embossing was made according to examination processes.

It is noteworthy that the excess tokens in the tested delivery numbers have not been taken into account, which a critical gap in the security measures of the protocol.

The Exploit significantly affected the XHV market position, a project whose high height of the token was $ 28.99 in April 2021. The incident has increased its decline, with the current price reflecting the loss of trust in the protocol.

As response to this: Haven Protocol pushed his community avoided the purchase of XHV and referred to the running efforts, to assess the situation. The team recognized the severity of the violation, expressed its regret and promised further updates in the course of discussions in the Haven Operations Committee (HOC).