Harmony's ONE Token Plummeted After 4 Billion Tokens Were Illegitimately Mined

An attacker has exploited Harmony's Layer 1 blockchain to mint at least 4 billion of its native ONE token.

Data from CoinGecko shows that after the incident, the token plummeted to a new all-time low of $0.0005735.

X user Juiceberg was among the first to raise the alarm on August 12, posting that an unknown person had minted 4 billion ONE tokens, which is about 26% of its supply, and moved about 2.8 billion of them into exchanges.

'The attacker has roughly 115M ONE left to sell onchain, about 2.9% of the ~4B they minted,' Juiceberg wrote.