Harmony Protocol Hit with $12B One Token Minting Exploit Amid Rising Crypto Security Breaches

The Harmony Protocol, a Layer 1 blockchain, has been hit by a major exploit that resulted in the unauthorized minting of approximately 4 billion ONE tokens. This represents about 26% of its total supply.

The attack allowed the attacker to funnel 2.8 billion ONE tokens to exchanges and left another 115 million available for on-chain sales, accounting for nearly 3% of the fraudulently minted supply. Most of the minted tokens had been sold or remained in deposit addresses by press time.

Harmoney Protocol's price initially plummeted more than 54%, but its decline narrowed to 38% by press time.

ZachXBT, a cryptocurrency investigator, refused to help track the attacker for free. He claimed that Harmony took advantage of individuals who assisted during their previous $100 million exploit in 2022 and rewarded them with nothing but recognition.