Harmony's ONE Token Plummets 30% After $4 Billion Minting Exploit

Harmony's native token ONE plummeted over 30% to an all-time low after an attacker exploited the network, minting more than 4 billion unauthorized tokens.

The hacker took advantage of a vulnerability in the protocol to create 4 billion ONE tokens, which represents roughly 26% of the network's total supply. The illicit tokens were then moved to cryptocurrency exchanges, with approximately 97% of them being cashed out immediately.

Harmony's team responded quickly to the breach by requesting that major exchanges freeze funds linked to four primary attacker wallet addresses. They also released an urgent core code patch, instructing all network validators to upgrade and halt further unauthorized minting capabilities.

The Harmony development team is now evaluating additional measures, including a potential network rollback, to neutralize the economic impact of the fraudulently issued supply. The incident marks another blow to the project, which has struggled with security vulnerabilities in the past.