Harmony’s ONE dives 26% after an attack appears to mint tokens equal to quarter of supply

MarketsHarmony’s ONE dives 26% after an attack appears to mint tokens equal to quarter of supplyHarmony said in Asian morning hours it is working with exchanges to freeze funds and preparing a software fix.By Shaurya MalwaUpdated 1 hr agoPublished 1 hr ago2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowHarmony’s ONE token plunged about 26% after an apparent exploit created roughly 4 billion new tokens, increasing the supply by more than a quarter.The Harmony team confirmed the incident, said it is working with exchanges to freeze funds, and is preparing a software patch and possible rollback of the blockchain.The episode follows earlier security and token-creation issues on Harmony, including a 2022 $100 million bridge hack and a 2023 bug that improperly minted about 146.3 million ONE.Harmony’s ONE token fell about 26% in Asian morning hours Wednesday after an apparent exploit created roughly 4 billion new tokens, an amount equal to more than a quarter of the token’s existing supply.Harmony confirmed the attack in an X post and said it is working with exchanges to freeze the funds and preparing a software fix.“We are working on a patch and rollback options,” Harmony said, adding that it would provide another update when more information is available.Harmony is a layer 1 blockchain network for DeFi protocols and marketplaces. Its native token, ONE, is used to pay for transactions and help secure the chain. Roughly 15 billion ONE existed before the incident, meaning another 4 billion represents a sudden increase of about 26% against that supply.A potential rollback by Harmony would mean returning the network to a state before the exploit and continuing from that point, effectively removing transactions that occurred afterward from the blockchain’s accepted history. Imagine being allowed to undo a chess move that led to checkmate and restart from an earlier, safer position on the board.Th…

Harmony’s ONE dives 26% after an attack appears to mint tokens equal to quarter of supply

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