💡 Can you believe it? A star Web3 privacy protection giant, which had top venture capital backing from Pantera, Jump Crypto, Animoca Brands, and other elite investors, was once valued at over 2 billion dollars and raised up to 50 million dollars. Known as the "Asian version of Worldcoin," Humanity Protocol ($H) has completely collapsed in just 24 hours!
In the past 24 hours, the entire crypto circle witnessed a bloody liquidity tragedy: the price of the $H token plummeted from $0.85 by 90% to $0.05, resulting in a vaporization of $36 million in assets, and the total trading volume on the network plummeted to a staggering $200 million!
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Just a day before the incident (June 8), a KOL in the crypto circle was boasting on X, claiming that the $H token, which he participated in the KOL round two years ago, had increased 100 times, while enthusiastically promoting the H team's new matrix project @trdEverything. Within less than 24 hours, the official announcement struck like a blow to the artery, directly stating: "We have been hacked."
As hardcore KOLs in the crypto community, under pressure, posted long discussions dissecting the incident, and global top blockchain detective ZachXBT and on-chain data radar Lookonchain intensively updated the situation, this shocking theft case is being stripped of its last disguise, revealing its most magical and absurd underlying truth.
As seasoned investors, this incident is filled from start to finish with "perfect coincidences" and lethal historical red flags. Is this a true hacker's dimensional attack, or did the project team intentionally stage an old trick of "mouse stock/market making walking away," but was instead uncovered by real hackers who "frontrun" them? Today, we will fully expose its bottom line!
🧱 I. Attack Detail Autopsy Report: It wasn't a contract vulnerability, but the multi-signature keys stuffed in "the same laptop"!
According to the official autopsy report (Post-mortem) released by the official team, along with core on-chain data restored by Lookonchain and ZachXBT, this so-called "hacker attack" is technically appalling — it is not some advanced smart contract re-entrancy or flash loan code vulnerability, but a complete, epic OPSEC (operational security) disaster.
1. The "jaw-dropping IQ tax" of cross-chain multi-signatures
The Humanity Protocol official claimed that a personal laptop of a core member of their foundation was infected with malware, leading to the collective leak of private keys. The most ridiculous detail is as follows: the project deployed a multi-signature wallet on Ethereum requiring 3 out of 6 keys (3/6 Gnosis Safe) to pass; on the BNB Chain, it deployed a multi-signature wallet requiring 3 out of 5 keys (3/5 Safe).
Yet this team, which claims to be "privacy security experts," actually stuffed two groups of crucial private keys that could control the highest permissions for cross-chain upgrades, coincidentally meeting the multi-signature threshold, all into "this same employee laptop"!
2. The bloody process of malicious upgrades and infinite money printing
After the hacker precisely obtained the private keys on the device, they quickly gathered the multi-signature thresholds across the two chains, easily seizing ProxyAdmin (proxy administrator) powers and executing a series of devastating operations:
Step 1: Maliciously upgrading the Bridge (cross-chain bridge) contract. Forcefully upgrading the underlying smart contracts on both chains to malicious versions with backdoors and arbitrarily withdraw functions.
Step 2: Ethereum liquidation. The hacker initiated a malicious withdrawal, draining all 141.2 million $H tokens from the Ethereum network bridge pool.
Step 3: Infinite minting on BNB Chain. On BNB Chain, the hacker triggered the maliciously implanted infinite minting function (Mint Function). According to real-time monitoring by Lookonchain, the hacker drastically executed minting orders of 100M (100 million) multiple times, instantly creating over 300 million $H tokens (the official later acknowledged that the total number of affected tokens across both chains reached 447 million).
Step 4: Dumping the market. The hacker dumped these suddenly created hundreds of millions of tokens into decentralized exchanges (DEX) like KyberSwap and PancakeSwap, destroying liquidity and crashing $H to nothing.
💰 Lookonchain's final laundering data on-chain:
Through this set of smooth moves, the hacker withdrew a total of 18,510 ETH (approximately $30.83 million) and 1,548 BNB (approximately $924,000) via DEX, washing away a total of $36 million in real cash!
As of June 10, the latest developments indicate that the hacker's address still holds 111.36 million $H tokens yet to be sold (currently valued at about $14 million).
Due to the DEX liquidity pools having been completely drained and emptied, this remaining token cannot continue to be liquidated but still poses a significant selling pressure hanging over everyone's head. On-chain traces also indicate that the hacker's attack wallet had frequently injected funds and "warmed up" minting permissions via centralized exchanges (CEX) and on-chain mixers weeks ago, indicating a well-planned harvest.
🛑 II. Project's old truth exposed: a habitual offender who "cheated Masayoshi Son out of 160 million," revealed with private key exposure and code plagiarism
In the KOL's exposing post, the most satisfying for seasoned investors was unearthing the accumulated dark history of Humanity Protocol founder Terence Kwok (from Hong Kong).
As the saying goes in the crypto circle: "To see if a project will run away, first look at how its founder has run away before."
1. The "160 million dollar blood case" of Masayoshi Son
This founder named Terence Kwok has a career that can be seen as a model of refined self-interest in the industry.
After dropping out from the University of Chicago's economics department in 2012, he founded Tink Labs, whose core business was providing a customized smartphone app to major high-end hotels worldwide to collect user data. That year, he used his superb PPT storytelling ability to wildly deceive traditional capital giants like SoftBank's Masayoshi Son and Foxconn, blowing this app with no technical barriers into a super unicorn valued at $1.5 billion, successfully raising over $160 million.
As expected, because the business model completely failed to achieve a closed loop, the project collapsed within a short time. At that time, many media and investors accused him of using sophisticated financial methods to shift core assets in advance, leaving SoftBank with a mess while he left safely.
2. A transformation in 2023: "the strongest anti-sorcery" and "Asian version of Worldcoin" dimensional deceits
After years of silence, Terence Kwok keenly captured the craziness of the Web3 track and made a comeback with Humanity Protocol. This time he rebranded the "collecting hotel data" into the most hardcore Web3 concept — "fingerprint scanning + zero-knowledge proof (ZKP) + decentralized identity (DID)," vowing to create the "strongest anti-sorcery network" surpassing OpenAI founder Sam Altman's Worldcoin. However, the grand narrative on the surface could hardly mask the fundamentally shoddy, money-grabbing red flag characteristics:
🚩 Red Flag One: In December 2024 [the plaintext exposure of private keys] The founder of Slow Mist, Yu Xian, publicly issued a high-level security warning: The Humanity Protocol's testnet generated wallets automatically on the front end when users logged in using their email, but unbelievably weakly and without security bottom line, directly stored users' "wallet private keys in plaintext" in the browser's sessionStorage!
This means that any simple malicious script or browser plugin could effortlessly extract users' private keys. A project with a valuation of 2 billion dollars that claims to prioritize "privacy protection" treats security as a joke at its core. This is not a bug; it indicates no intention to actually create a quality product.
🚩 Red Flag Two: In June 2025 [the codebase plagiarism incident] KOL, while reviewing the project's public APP codebase, actually excavated the complete materials, cover images, and Chinese comments from Shenzhen's "Zhangteng Information" (a typical domestic hardware manufacturer that makes facial/fingerprint access control systems).
They were directly questioned: "Either the entire core product was outsourced to Shenzhen's access control company for convenience, leaving templates uncleaned; or they outright stole the commercial code and modified it for release." Although Kwok later weakly responded that this party was "an early partner and a leftover after packing," it's shocking that the core technology of a 2 billion dollar Web3 king project actually comes from traditional access control companies in China.
Through a classic Web3 routine of outsourced access control code + privacy concept cover + top-tier venture capital backing, they successfully sold $1.1 billion in actual circulating market value in the secondary market.
🕵️ III. Top detective ZachXBT publishes updates on-site: "The team originally wanted to stage a play but was frontrun by real hackers!"
Just last night (June 9), this theft case encountered the most exciting and magical hardcore reversal. The globally feared on-chain detective ZachXBT continuously published updates, directly tearing apart the curtain of this "double act," revealing a stunning, heart-wrenching conclusion:
1. Phase One: Initial doubts (Staged/humanly acted)
"The 'incident' seems possibly staged... convenient way for the active MM to have exited." (This so-called "theft incident" seems very likely to be planned and orchestrated... it merely serves as an extremely convenient excuse and method for the active market maker behind the project to justify a legitimate and safe exit.)
2. Phase Two: Dramatic reversal (The team got frontrun by hackers!)
However, after deeper on-chain multi-signature variations, abnormal wallets from MM, and auditing of OTC (over-the-counter) transaction flows, ZachXBT dropped a jaw-dropping latest conclusion:
"After further analysis... the sketchy MM / OTC & private key compromise are independent... the team basically got frontrun by the attacker." (After further in-depth on-chain analysis... I found that those suspicious market makers/OTC transaction flows were path-independent from this private key leak incident. The truth is rather amusing: the team was indeed mobilizing funds, arranging market makers to prepare to stage a self-harm trick to escape, but their actions were too slow. The laptop hiding the multi-signature private keys was prematurely targeted by an external real hacker, who reached the pool first and executed a "black-eats-black" epic frontrun before the project team could act!)
3. A relentless chain of questioning and ruthless mockery:
ZachXBT then posted charts and text, ruthlessly delivering a physical annihilation-level critique to the project team:
"You chose to artificially inflate the token price in the secondary market through various criminal means, mouse stocks, and false narratives without any fundamentals for a full two weeks. Before you come out to act like a victim, please thoroughly disclose your black box agreements with that Hong Kong entity regarding the active market maker (MM)!"
He even specially shared a satirical meme:
"Step 1: The old coins are stolen and crash 90% turning into garbage ➡️ Step 2: Naturally issuing a new H token for supposed compensation ➡️ Step 3: The team completely takes off, seamlessly transferring the money to their incubated new project (Everything) to continue harvesting."
📊 The cruel consensus of the community and capital:
Lookonchain data showed that just days ago (June 5), the well-known custody institution Hex Trust had just spent 42 million dollars to buy $H tokens, only to step on a landmine and get shattered; even more terrifying is that on June 25, $H is set to face a massive unlocking of 266 million tokens. The core members of the team have long transferred all their energy to the new project "Everything." It is evident to the discerning that the team is looking at the impending large unlocking selling pressure on June 25 that it cannot withstand and the market makers are powerless to maintain the token price. Originally prepared to self-stage a theft drama the night before the unlocking to shift the blame to hackers, thus legitimizing a MM exit and asset transfer. Little did they expect that fate had other plans; their OPSEC was severely inadequate, stuffing all multi-signature keys in a single device, leading to being deciphered by an even greedier external wild hacker, who acted out an "epic black-eats-black" scenario right under the project's nose!
📢 IV. The official's latest move: Real-time tracker + $1 million reward as a "delaying tactic"
In the face of ZachXBT's relentless scrutiny and the overwhelming anger from the community, @Humanityprot officials have launched a high-frequency cleanup mode on Twitter:
Launched a fund tracking page: They urgently introduced a so-called transparency real-time tracker (transparency.humanity.org), claiming they have pushed the hacker's malicious addresses to major centralized (CEX) and decentralized exchanges (DEX) for comprehensive interception.
Offering a million-dollar reward: Founder Terence Kwok personally appeared to post, again emphasizing "this is a personal private key leak, absolutely not a problem with our smart contract code," while offering a reward of 1 million USDT for white-hat hackers who can recover the $36 million.
Buyback and compensation pie: The official promises that once any stolen funds are recovered, 100% will be used for buying back $H in the secondary market, and they are urgently formulating plans for token contract updates and compensation schemes for affected investors.
The official's high-profile rewards and tracking pages are merely a delaying tactic released intentionally to stabilize retail investors before the terrifying "266 million tokens unlocking wall" descends on June 25.
Currently, the hacker still holds the highest authority of the BNB Chain's ProxyAdmin, and theoretically, as long as they are willing, they can continue to mint new tokens to dump.
A project shining with starry claims of "decentralized identity, privacy protection, disrupting the world," its core code plagiarized from traditional domestic office access control systems, with user private keys exposed in plaintext within the browser, ultimately leaving the multi-signature keys controlling life and death all stuffed in one employee's personal laptop.
Whether this drama was truly hacked or a "black-eats-black scenario," the 90% loss suffered by retail investors represents their real hard-earned money.
In this extremely volatile and dramatic turn of events in the market environment of June, please be sure to keep your hands steady, do not blindly rush in to bottom-feed such a fundamentally bankrupt, team already shifted focus, and with a terrifying unlock sell-off black swan junk target!
The crypto circle will always be full of stories about getting rich, but the other side of the story is often paved with the bones and blood of retail investors.
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