HAPI Protocol (HAPI)



Before trading any crypto asset, it is important to understand the risks. This overview summarizes certain risks associated with this asset. No securities regulatory authority has issued an opinion regarding this asset, including an opinion that it is not itself a security and/or derivative.

Investors in Canada are reminded that no securities regulatory authority or regulator in Canada has assessed or endorsed any Crypto Contract or Crypto Asset made available through the Uphold Platform.

Token Description & Project Background

Hapi Protocol is a decentralized, blockchain agnostic cybersecurity protocol. It was the first project to receive financial backing from the Hacken Foundation.

Hapi Protocol gathers intelligence on blockchain security breaches and threats (such as compromised wallets) from multiple sources (external, off-chain, as well as on-chain data). This data pool is supplemented by the work of Hapi’s own cybersecurity department, ‘Hapi Labs’, which consists of 10 cybersecurity specialists.

Hapi Protocol is able to communicate this information with projects instantly through the use of smart contracts. These are embedded onto the project’s blockchain, and create a lightning-quick notification and alert system. 

The protocol has three major use-cases:

  1. Reporting & Alert System: Users who stake HAPI can contribute to Hapi’s security data bank and report unlawful players by submitting information to Hapi’s live updating RCI (Report & Check Interface). This will be shared with, and of benefit to all members of Hapi Protocol, giving users a chance to contribute to the crypto ecosystem’s safety. 
  2. Check address: a vetting system for wallet addresses. Users can quickly check whether the wallet addresses they’re interacting with have been involved in, or affected by, any malicious activity. 
  3. Smart contracts for DEX and DeFi protocols: Hapi claims to be the only protocol that embeds directly into DeFi. 

The HAPI token launched in March 2021.

The current team consists of Andrei Arsenin (CTO), Dima Afonin (CMO), Vadym Prykhodko (BD Lead and COO) & Eugen Pshenychkin (Product Owner). 

Risks of HAPI

Like an investment in other crypto assets, there are some general risks to investing in HAPI. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in HAPI is subject to the following specific risks:

  • There are several cybersecurity layers in the market which offer similar services to Hapi Protocol. Any potential success associated with HAPI depends on Hapi Protocol’s rate of adoption.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with HAPI. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The HAPI community and founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of HAPI have no recourse to the HAPI community, Hapi Protocol founding team, or Uphold if HAPI declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing HAPI on the Uphold Platform, Uphold performed due diligence on HAPI and determined that HAPI is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

  • The creation, governance, usage, and design of HAPI, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
  • The supply, demand, maturity, utility, and liquidity of HAPI.
  • Any marketing materials put forward by the HAPI social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
  • Material technical risks associated with HAPI, including any code defects, security breaches and other threats concerning HAPI and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
  • Legal and regulatory risks associated with HAPI, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of HAPI. 


Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 20, 2023.

How to buy HAPI Protocol (HAPI)

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