Harmony's ONE Sinks 37% After Attacker Mints 4 Billion Tokens
Harmony confirmed an exploit in which an attacker minted roughly 4 billion ONE tokens without authorization, sending the token down about 37% to around $0.00077. An on-chain analyst said the tokens were created through empty blocks, with about 2.8 billion quickly moved to exchanges and roughly 115 million still left to sell on-chain. Harmony said it was working with exchanges to stop and freeze funds, preparing a patch, and considering rollback options. It later paused its bridge and released a validator upgrade intended to prevent further minting, while saying another update would be needed to address already-created tokens. The project has not disclosed the vulnerability or exact amount minted and transferred. A rollback would remove post-attack history, including legitimate user transactions. Harmony was previously hacked in 2022, when its Horizon bridge lost about $100 million. ONE now has a market cap of about $11.5 million and is down more than 99% from its 2021 peak.
