1d ago

Harmony’s $ONE slides as much as 38% after exploit mints 4 billion unauthorized tokens

AI Market Summary

Harmony's ONE sold off sharply after a critical exploit enabled unauthorized minting of 4B tokens (~26% of circulating supply), with ~2.8B rapidly sent to centralized exchanges, intensifying dilution fears and liquidation pressure. The team paused the bridge, shipped an emergency patch, and is considering a state rollback, but offchain sales may be irrecoverable. The incident revives long-running security concerns, worsening confidence and near-term liquidity conditions.

Impact level

● High

Affected assets

ONE/USDT+10.32%

AI Insight · ONE/USDTAI Insight

▼ Bearish

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Harmony’s blockchain was attacked, with hackers exploiting a network flaw to mint 4 billion ONE tokens—about 26% of the circulating supply. About 2.8 billion tokens were quickly moved to centralized exchanges, fueling market panic. ONE fell as much as 38%, and blockchain analysis linked the incident to 10,288 transactions across 409 wallets. Within four hours, 53% of validators had applied a security update.

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