An Update to the HackenAI Community

4 min readApr 15, 2020

Dear HackenAI community members, we would like to take this opportunity to update you on the IEO and our plan going forward.

The HackenAI IEO has concluded on the OceanEx GO platform. Although there were incidents during the duration of the IEO, the HackenAI team extends our greatest gratitude towards all community members who have participated and have tried to participate in the IEO Token Sale.

IEO on OceanEx GO

We officially started our HAI token IEO on the OceanEx GO platform on April 13th, 2020, 21:00 (UTC+8). Originally scheduled to run for a total of 24 hours, the sale started smoothly with contributions from the community coming in.

A few hours into the IEO, we were notified about OceanEx facing technical difficulties, resulting in the platform becoming inaccessible. Upon investigation it turned out that OceanEx suffered from a DDOS attack, which resulted in the website being very difficult to access for a duration of at least 9 hours. We apologize to our community members for this less than perfect experience. The attack on our IEO shows that hackers are closely monitoring the crypto world, proving why HackenAI is essential to guarantee the safety of all crypto and internet users. This incident has doubled our resolve and efforts to improve the HackenAI application.

With that said, we are now ready to announce the results and statistics from the token sale, which are:

Amount of HAI Sold During this IEO is 7,067,418

Amount of VET contributed is 19,000,000

Expected total circulating supply of HAI is only ~13,000,000 after trading starts:

~7,067,418 from OceanEx IEO
~2,000,000 from Paytomat
~900,000 from Buy HAI Now on Hacken.ai (at time of writing)
~1,750,000 from Pre-Paid OceanEx marketing package
up to 1,200,000 from bounty programs

All unsold tokens are sent back to HackenAI, and will be reserved for future growth opportunities. Any planned usage of the unsold tokens will be disclosed to the community in the interest of transparency.

OceanEx has informed us of the following details for the HAI deposits, withdrawals and trading dates:

HAI/BTC trading pairs will be opened on April 27th, 2020 (UTC+8).
Withdrawal function of HAI will be opened on April 30th, 2020 (UTC+8).
Deposit function of HAI will be available on May 8th, 2020 (UTC+8).

What’s next for HackenAI

As a community-centric company, the team had been working hard for the past year to build the industry’s first all-in-one personal cybersecurity companion app, HackenAI. On February 3rd, 2020, we hit a milestone in our development cycle, announcing the Closed Beta and bringing in 100 dedicated community members to join in testing our app. With heaps of positive and constructive feedback pouring in from our testers, our development team worked to implement various suggestions which resulted in the smooth launch of the HackenAI Open Beta. In just two weeks, we’ve hit 5000 unique registered users on the app.

We fully understand that the amount of funds raised during the IEO falls short of our target set. Nonetheless, we would like to reassure our community members that we are still financially healthy to fund our expenses and continue our product’s development. With help from our partners we will continue to pitch our product to investors as well as venture capital to raise the funds required to further strengthen our position as a leader in the cybersecurity industry.

Aside from continuing HackenAI’s development, our priority is also to ensure that our HAI tokenomics are interlinked with the utility of HackenAI. A robust tokenomics of HAI had been designed, and executed in order to create value for our token holders. With the low amount of tokens sold, the circulation supply will be extremely low when trading starts on April 27th.

Once again, HackenAI would like to thank all our community members. Without our passionate community, we would not be able achieve what we have done for the past year. To those who participated in the IEO, we are proud that you have chosen to trust us and we are glad to have you with us on this historical journey.