Korbit Covers Harmony Token Shortfall After Security Incident
Korbit, a South Korean cryptocurrency exchange, has identified an issue related to customer deposits and Harmony (ONE) tokens following a security incident on the Harmony network. The discrepancy is approximately 210,000 ONE tokens, leaving a shortfall of about $160 USD.
The exchange holds around 4.49 million ONE tokens, while customers have deposited roughly 4.71 million ONE. Korbit has stated it will cover the shortage using its own funds to ensure customer balances remain fully backed.
The incident raises concerns about exchange transparency and internal controls, particularly as Korbit is the only South Korean won-based platform that lists Harmony. The move may mitigate immediate customer losses but highlights challenges exchanges face when supporting tokens with limited liquidity or post-incident complications.