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Harmony’s ONE plunges 26% after exploit mints billions of tokens
Harmony said it is working with exchanges to freeze funds and is preparing a software patch and possible blockchain rollback after the apparent minting of roughly 4 billion ONE tokens.
Harmony’s ONE token slid about 26% in Asian morning trading Wednesday after an apparent exploit minted around 4 billion new tokens, according to CoinDesk. The new issuance effectively increased supply by more than a quarter against the roughly 15 billion ONE that existed before the incident.
CoinDesk reported that Harmony confirmed the incident via an X post and said it is coordinating with exchanges to freeze funds. The company also said it is preparing a software fix and considering rollback options, which would return the blockchain to a prior state before the exploit.
A rollback, as described by CoinDesk, would mean removing transactions accepted after the flaw from the blockchain’s accepted history. The outlet also noted that while rollbacks can limit how long newly created tokens remain usable, they become harder once funds have reached exchanges or moved to other systems.
CoinDesk said the Harmony episode follows earlier Harmony security issues, including a 2022 $100 million bridge hack and a 2023 bug that improperly minted about 146.3 million ONE. The outlet also referenced a separate potential rollback on Ravencoin after parts of its network accepted invalid blocks.