Harmony’s ONE token drops 26% after alleged token minting attack
Attacker allegedly creates 4 billion tokens, equivalent to a quarter of supply, prompting exchanges to freeze funds and Harmony to deploy a software fix.
Harmony’s ONE token fell 26% in Asian trading hours after an attacker allegedly minted 4 billion tokens, representing roughly a quarter of the total supply.
The blockchain network said it is collaborating with exchanges to freeze the illicitly created tokens and is preparing a software update to address the vulnerability. Harmony did not specify the origin of the attack or the current status of the compromised funds.
The incident follows a pattern of exploits targeting decentralized networks, where attackers exploit smart contract flaws to generate unauthorized tokens. Exchanges including Binance and OKX suspended ONE token deposits and withdrawals as a precautionary measure.
Harmony’s team stated that the issue is being treated as a priority and that further details would be released once the investigation concludes. The token’s price decline reflects broader market concerns over security risks in decentralized finance protocols.
Marcus reports on digital assets, from spot ETF flows to protocol-level developments in DeFi. He pays particular attention to how institutional adoption is reshaping crypto market structure.
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