Harmony’s ONE token crashes 40% following a major exploit

Key takeaways

• Harmony's ONE token plunged roughly 40% following an apparent exploit that created about 4 billion tokens.
• The unauthorized issuance was equivalent to approximately 26% of ONE's existing supply.
• Harmony released an emergency software update to prevent further minting and urged network operators to install it immediately.

Harmony's ONE token fell approximately 40% on Wednesday after an apparent exploit reportedly created around 4 billion new tokens.

Harmony confirmed the attack and instructed the network operators responsible for maintaining the blockchain to install an emergency software update. The project said the patch would prevent the attacker from minting additional ONE tokens.

However, the update does not resolve the status of tokens that were already created. Harmony is still evaluating how to isolate or remove those assets from circulation.

The scale of the incident triggered intense selling pressure as traders assessed the risks of token dilution, exchange deposits, and a potential reversal of blockchain transactions.

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