Harmony Addresses Abnormal ONE Token Minting Incident
AI Market Summary
Harmony reported coordination with exchanges to block/freeze funds after an apparent exploit that unauthorizedly minted ~4B ONE (about 26% of supply), with ~2.8B moved to exchanges, intensifying sell pressure. The incident highlights a supply-verification flaw where totalSupply did not promptly reflect inflation, raising uncertainty over potential remediation or rollback. Near-term risk premia likely rise until the investigation and resolution path are clarified.
Impact level
● High
Affected assets
ONE/USDT-40.24%
AI Insight · ONE/USDTAI Insight
▼ Bearish
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Harmony Protocol said on Aug. 12 that it is working with relevant cryptocurrency exchanges to block and freeze funds linked to an abnormal minting event. The team is also developing a remediation plan and assessing possible rollback options.
Earlier on-chain analysis suggested Harmony was attacked, with the exploiter using an empty-block-related vulnerability to mint about 4 billion ONE tokens without authorization—roughly 26% of current supply. About 2.8 billion ONE were later moved to exchanges, adding selling pressure and sending ONE's price sharply lower.
Investigators believe the attacker took advantage of a flaw in the supply-verification mechanism, causing the totalSupply interface to lag behind the actual increase in tokens and masking the inflationary impact.
Harmony said it will share additional updates as more details become available. The incident remains under investigation.
