Harmony's ONE Token Price Plummets 26% After Massive Token Mint

Harmony's ONE token price plummeted by 26% after an attacker allegedly minted 4 billion tokens. This incident comes on the heels of a similar event involving Ravencoin, another smaller blockchain built from Bitcoin's code.

The attack on Harmony marks the second time this year that unauthorized creation of ONE has occurred. In December 2023, a bug in its staking system caused about 146.3 million ONE to be created when tokens that should have stopped receiving payouts continued doing so.

Harmony responded to the previous incident with an emergency software update and blacklisted addresses holding the improperly created tokens. However, the recent attack has raised concerns about the security of Harmony's network.