Harmony's ONE plunged to a record low of $0.0005735 (trading near $0.00087, down about 29% on the day) after an unauthorized mint of roughly 4 billion ONE — about 26% of total supply — with around 2.8 billion tokens quickly moved to exchanges, creating heavy sell pressure. Harmony named four implicated wallets and is coordinating with exchanges to freeze funds while developing a patch and weighing a rollback; the incident is the network's second major security breach after the 2022 Horizon Bridge $99.6M loss, raising crypto, DeFi and CEX security concerns.

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In Brief

Harmony token crashed to a record low after an unauthorized 4 billion ONE mint.
The unauthorized mint accounted for roughly 26% of ONE's total supply.
Harmony is working with exchanges to freeze funds and weighing a rollback.

Harmony (ONE) fell to an all-time low of $0.0005735 during early Asian trading on Wednesday after a reported exploit minted roughly 4 billion tokens without authorization.

The minted amount equals about 26% of ONE’s total supply. Harmony said it is coordinating with exchanges to freeze funds while it develops a patch and evaluates rollback options.

Harmony Exploit and the Price Collapse

On-chain analyst Juiceberg reported that the supply was minted through empty blocks. Around 2.8 billion of those tokens moved quickly to exchanges, according to the analysis.

The sell pressure sent ONE tumbling. The token traded near $0.00087 at press time, down about 29% on the day, after touching its record low earlier in the session.

Harmony (ONE) Price Performance. Source: BeInCrypto Markets

Harmony later named four wallet addresses tied to the incident. The team asked all exchanges to block and freeze funds traced to them:

one1uap8dx2z0qsjxqthm5flgcxkeepsz3gsrghnfn (0xe7427699427821230177dd13f460d6ce43014510)
one17u300a40ll5wphd8kj5hktryhdjq3ml9f4phy4 (0xf722f7f6afffe8e0dda7b4a97b2c64bb6408efe5)
one1a5hur07z5vtvzhr35zkw8tfqedemkz8t88xgd7 (0xed2fc1bfc2a316c15c71a0ace3ad20cb73bb08eb)
one1h56hkxmua0uzfv07fu04cudvtrl35u96pq47vy (0xbd357b1b7cebf824b1fe4f1f5c71ac58ff1a70ba)

“We are working with our team and appropriate exchanges to stop and freeze the funds. We are working on a patch and rollback options. Will update when we have new information,” the post read.

The event marks the network’s second major security breach. In 2022, its Horizon Bridge lost roughly $99.6 million in an attack linked to North Korea’s Lazarus Group.

Harmony has not disclosed the root cause of the incident yet. BeInCrypto has reached out to Harmony for comment.

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Read the article at BeInCrypto