Key facts
- Harmony's ONE token price fell 37% after an exploit allowed an attacker to mint approximately 4 billion tokens.
- The unauthorized minting increased the token's supply by about 26%.
- Approximately 97% of the minted tokens have been sold or are in deposit wallets on exchanges.
- Harmony has confirmed the exploit, paused its cross-chain bridge, and released a patch to prevent further minting.
- The protocol is considering a blockchain rollback to address the minted tokens.
Harmony's native ONE token experienced a significant price crash of 37% after an exploit allowed an attacker to mint approximately 4 billion tokens without authorization. On-chain analyst Juiceberg reported the mint, stating it represented about 26% of the token's supply and that roughly 97% of the newly minted tokens had already reached exchanges or were in deposit wallets. Harmony confirmed the exploit, stating it was working with exchanges to freeze the illicit funds. The protocol paused its cross-chain bridge, which was previously targeted in a $100 million hack in June 2022, and released a patch to prevent further unauthorized minting. The blockchain network is also considering a rollback to address the tokens already created. The ONE token was trading around $0.00077 following the incident.