Harmony Under Fire After Massive Token Minting Exploit

A major security exploit has hit blockchain Harmony, resulting in an attacker minting roughly 4 billion ONE tokens without authorization.

The attack saw around 97% of those tokens funneled onto exchanges as the price plummeted by 37%, according to on-chain analyst Juiceberg. The remaining 2.9% is still available for sale on-chain, with the majority already sold or sitting in deposit wallets.

Harmoney confirmed the exploit and stated it was working with its team and relevant exchanges to stop and freeze the funds. In a tweet, Harmony named four wallets that should be blocked by exchanges, citing both Harmony and hex formats for each.

The project's Horizon cross-chain bridge was previously hacked in June 2022, resulting in about $100 million drained from it. This incident led to a reimbursement proposal funded from the treasury rather than through token minting. With ONE now having a market capitalization of approximately $11.5 million, ranking it outside the top 1,000 tokens, this attack has drawn comparisons to the previous security breach.