Crypto
ONE Token Crashes 40% After $4 Billion Exploit Hits Harmony Network
Harmony's ONE token plummeted approximately 40% on Wednesday following an apparent exploit that created around 4 billion new tokens.
The unauthorized issuance is equivalent to roughly 26% of ONE's existing supply, which totals around 15 billion tokens.
Harmony released an emergency software update to prevent further minting and urged network operators to install it immediately. However, the update does not resolve the status of tokens that were already created, leaving it up to Harmony to evaluate how to isolate or remove them from circulation.