Harmony Investigates Reported 4 Billion ONE Token Mint
Harmony, a leading cryptocurrency protocol, is investigating a reported security incident that saw around four billion ONE tokens minted without authorization. The incident occurred on its Layer 1 network and was first reported by analyst Juiceberg.
Juiceberg claimed that about 2.8 billion ONE were quickly routed to exchanges, while approximately 115 million remained available for sale on-chain.
Harmony has not independently confirmed these figures but is working with exchanges to stop and freeze the funds. The team is also developing a patch and evaluating rollback options.
This is not Harmony's first incident involving unintended token creation. In December 2023, the project suffered a staking bug that unintentionally minted 146.3 million ONE tokens.
The incident has led to a sharp decline in ONE's price, with it falling around 26% over 24 hours and trading volume surging above $36 million on Wednesday.