Key Takeaways:
- H token fell 14.98% to $0.05697 as hack-related selling returned
- Binance top traders remain 69% long despite the 15% decline
- Support at $0.0568 is critical; a break could trigger further losses
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Humanity Protocol drops 15% as $36M hack concerns resurface
Humanity Protocol's H token fell 14.98% to $0.05697 on July 16 as renewed attention on a $36 million security exploit triggered selling across the decentralized identity platform's token on Arbitrum.
Terence Kwok, founder of Humanity Protocol, said in a post-mortem interview that the June exploit stemmed from a compromised employee laptop that inadvertently contained production keys, including admin hot wallet keys and a quorum of multisig owner keys across both chains. "The hard lesson here is that operational security is as critical as smart-contract security, and we're rebuilding accordingly," Kwok said.
Trading volume surged 95.51% to $10.63 million as the token's market capitalization dropped to $176.54 million, according to CoinGecko. The decline erased nearly all gains from June's rally, pushing H back to the lower boundary of a long-term support zone near $0.0568. Blockchain security firm Quantstamp attributed the attack to North Korea-linked threat actors, who delivered malware through a phishing email disguised as a token lockup schedule update from South Korean exchange Bithumb.
Despite the sell-off, Binance's top traders maintained a strong bullish bias, with long accounts representing 69.26% of positions and the long/short ratio at 2.25, according to Coinglass. The MACD line crossed above the signal line with a positive histogram, suggesting bearish pressure had eased after weeks of sustained weakness. However, price action has not confirmed a bullish reversal, as candles continue trading inside the established support range.
The largest nearby liquidity cluster sits around $0.061, where concentrated short liquidations could accelerate a recovery if buyers reclaim that level. Another significant cluster appears around $0.055, reflecting a zone where long liquidations could emerge if support fails. If buyers defend $0.0568, H could attempt a recovery toward the resistance zone near $0.080. Losing that support would expose the token to another wave of selling and invalidate the improving MACD signal.
This article is for informational purposes only and does not constitute investment advice.
