Humanity Protocol token falls over 80% after key breach

The cryptocurrency H, issued by the decentralized identity project Humanity Protocol, crashed by more than 80 percent on Tuesday, June 9, following a major security breach. The project confirmed that attackers compromised the private keys of a foundation member, draining millions of dollars from wallets linked to the platform.

On-chain analysts reported that at least 17 wallets were emptied, with estimated losses climbing from an initial $5 million to over $30 million. The attacker has been selling the stolen H tokens for Ethereum, converting approximately $23.7 million into ETH, while retaining roughly $7.9 million worth of H. Blockchain data also indicated the attacker minted an additional 100 million H tokens on the BNB Chain, creating further potential selling pressure. The token's price plummeted from around $0.67 to near $0.13, briefly touching an intraday low of approximately $0.05, erasing gains from a recent rally that had seen H reach a record high near $0.844 earlier in June.

Humanity Protocol founder and CEO Terence Kwok publicly acknowledged the incident, stating that private keys belonging to a member of the Humanity Foundation had been compromised. He did not...