An attacker minted at least 4 billion ONE tokens on the Harmony network, driving the token to a new all-time low. Harmony has traced the theft to four wallets, asked exchanges to freeze related funds, and paused its cross-chain bridge while it patches the flaw.
An attacker hit Harmony, a Layer 1 blockchain, and minted at least 4 billion of its native ONE token. The unauthorized mint sent ONE to a new all-time low of $0.0005735, according to CoinGecko data.
X user flags the mint first
X user Juiceberg was among the first to raise the alarm, posting on August 12 that an unknown person had minted 4 billion ONE tokens, about 26% of its supply, and moved roughly 2.8 billion of them into exchanges.
Harmony then acknowledged the incident without disclosing the root cause or confirming the amount minted, and said it was working with several exchanges to try to freeze the funds. The team has traced the theft to four wallet addresses and asked exchanges to block and freeze any funds tied to them. It also paused the LayerZero-Harmony bridge and asked validators to install a patch that prevents further ONE minting.
According to Harmony's team: "We'll follow up with another update to address already minted tokens."
This isn't the first time Harmony has been attacked. The network lost about $100 million in 2022 when its Horizon Bridge was exploited.
ONE dumps to a new low
ONE had been trading around $0.00117 before the incident. It then dropped suddenly to about $0.00057, a new all-time low. At the time of writing, it had recovered to trade 33% above that low. That still marks a nearly 40% loss over 24 hours. The token is also down 32% over seven days and more than 28% over the past month, per CoinGecko data.
Source: CryptoPotato
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