Harmony's ONE Token Plummets 37% After $100Bn Worth of Tokens Mined in Attack

Harmony's native token ONE plummeted 37% in value after an attacker exploited the protocol, minting approximately 4 billion tokens. The attack, which occurred on August 12, was first flagged by on-chain analyst Juiceberg, who reported that about 97% of the newly created tokens had already been funneled onto exchanges.

Juiceberg noted that around 2.8 billion ONE tokens were sent to exchanges as the price fell, leaving the attacker with approximately 115 million tokens left to sell on-chain. Harmony responded by stating it was working with its team and appropriate exchanges to stop and freeze the funds.

The project confirmed it had shipped a patch to prevent further minting, but acknowledged that dealing with the already created tokens would require another update. In a previous exploit in June 2022, hackers drained about $100 million from Harmony's Horizon cross-chain bridge, which was attributed to North Korea's Lazarus Group.