$HEMI Hemi team released a technical post-mortem (analysis) report after the incident, but did not announce a direct buyback or a net compensation timetable. The 3 main reasons why downward price pressure is likely to continue are:
Aggressive Market Pressure: The attacker completed the sale by liquidating almost all of the 124.5 million HEMI they stole (about 80 million HEMI into USDT, and 41 million HEMI into USDC) across DEXs. This massive instantaneous supply pressure created in the market tore through the order book depth.
Buyback Uncertainty: Even though the team stated that the security vulnerability has been patched and there is no network-level issue, it did not outline a direct compensation/fund buy program to address the victims’ losses. The market is currently pricing in the team’s inability to take a concrete step.
Exchange Pressures and Key Unlock Schedule: Upbit canceled the listing at the last minute, and the 14.1% lock release (token unlock) scheduled for the end of September (29 September) strengthens sellers’ position in the market.
In summary: The price is not responding to the team’s “we closed the gap” statement—it’s waiting for tangible capital/repurchase support to come into the market. Until news of these steps is announced, selling pressure and volatility on the board continue.
Aggressive Market Pressure: The attacker completed the sale by liquidating almost all of the 124.5 million HEMI they stole (about 80 million HEMI into USDT, and 41 million HEMI into USDC) across DEXs. This massive instantaneous supply pressure created in the market tore through the order book depth.
Buyback Uncertainty: Even though the team stated that the security vulnerability has been patched and there is no network-level issue, it did not outline a direct compensation/fund buy program to address the victims’ losses. The market is currently pricing in the team’s inability to take a concrete step.
Exchange Pressures and Key Unlock Schedule: Upbit canceled the listing at the last minute, and the 14.1% lock release (token unlock) scheduled for the end of September (29 September) strengthens sellers’ position in the market.
In summary: The price is not responding to the team’s “we closed the gap” statement—it’s waiting for tangible capital/repurchase support to come into the market. Until news of these steps is announced, selling pressure and volatility on the board continue.