Harmony Token Implodes After Massive Exploit

Harmony's token, ONE, plummeted to an all-time low of $0.0005735 after an exploit minted approximately 4 billion tokens without authorization.

The minted amount represents about 26% of the total supply of ONE and sent shockwaves through the market, with the token trading near $0.00087 at press time, down around 29% on the day.

Around 2.8 billion of the minted tokens moved quickly to exchanges, according to an analysis by on-chain analyst Juiceberg.

Harmoney is working with exchanges to freeze funds and is developing a patch and evaluating rollback options.