H, the native token of Humanity Protocol, is the worst performer among the top 100 cryptocurrencies by market cap. The coin is down by roughly 80% in the last 24 hours and is now trading at $0.1549. The bearish performance comes after reports emerged that wallets connected to Humanity Protocol have been targeted in an ongoing exploit. The issue was first flagged on Monday after 17 wallets holding the project’s native H token were reportedly compromised. Initial estimates placed losses at around $5 million, but later updates suggested the damage had escalated significantly. Humanity Protocol loses roughly $32 million in the exploit The primary catalyst behind H’s decline is the exploit of the Humanity Protocol wallet. According to the onchain analyst Specter, the estimated losses were around $32 million. Of the stolen assets, around $23.7 million was swapped into Ethereum (ETH), and roughly $7.9 million remains held in H tokens. Specter noted that the root cause remains unclear but suggested a shared vulnerability across affected wallets tied to Humanity Protocol. https://twitter.com/zachxbt/status/2064187246815989893 Following the reports, Humanity Protocol founder Terence Kwok confirmed the incident on X, stating that the breach stemmed from compromised private keys belonging to a member of the Humanity Foundation. Kwok said the team is working with security experts and exchange partners to address the situation, adding: “Protecting this community is our responsibility, and we’ll keep you updated every step of the way.” https://twitter.com/zachxbt/status/2064187246815989893 Later in the day, Specter claimed the attacker minted 100 million H tokens, which were subsequently dumped for BNB. This raised further concerns about possible deeper protocol-level access beyond wallet compromise. Not all observers are convinced the incident was a straightforward hack. Onchain investigator ZachXBT publicly questioned the explanation, suggesting the event could potentially involve a market maker exit rather than a genuine exploit. He said he was “not buying the team’s story,” implying possible coordinated liquidity exit activity. https://twitter.com/zachxbt/status/2064187246815989893 Specter also alleged that some executives linked to Humanity Protocol have questionable past involvement in financial disputes and legal issues, though these claims remain unverified. H technical outlook: Will H token continue to decline? The H/USD 4-hour chart is extremely bearish as the coin is down by roughly 80% in the last 24 hours. The coin dropped from $0.7300 on Monday to now stand at $0.22. The momentum indicators suggest that the selloff could continue in the near term. The incident has intensified scrutiny around the protocol’s security practices and the credibility of its internal controls. The RSI of 28 means that H is currently in the oversold region, after briefly dropping to the $0.06 level. The MACD lines are also within the negative territory, adding further confluence to the bearish narrative. https://twitter.com/zachxbt/status/2064187246815989893 If the selloff continues, H could drop to the $0.06 level again in the near term. Failure to defend this support could see it extend its decline below $0.05. However, if the token recovers, its price could hit the $0.25 resistance over the next few hours or days. An extended rally would allow it to reclaim the $0.35 psychological level in the near term. The post Can H token bounce back after Humanity Protocol’s $32 million exploit? appeared first on Invezz
