Harmony's ONE Falls 26% After Attack Artificially Inflates Supply
An exploit on Harmony generated fresh tokens equal to a quarter of its total supply, sparking a steep market selloff.
Advertising disclosure: we may earn a commission when you join an operator via links on this page, at no cost to you. This never dictates our ratings. How we make money
Key takeaways
- Harmony's ONE token dropped 26% following a major security breach.
- The attacker generated new tokens equal to roughly 25% of the project's supply.
- Harmony is collaborating with exchanges to freeze funds and deploy a software fix.
Harmony's native token, ONE, dropped 26% on Wednesday. The trigger: an attacker managed to mint a massive batch of new tokens, suddenly expanding the project's total supply by roughly 25%.
Harmony confirmed the exploit during Asian morning hours on August 12. Developers claim they're coordinating with centralized exchanges to freeze the unauthorized tokens before the attacker can unload them onto the market.
While chasing down the funds, Harmony is also prepping an emergency software patch to fix the flaw. The team hasn't shared full technical details on how the attacker generated the tokens in the first place.
Why it matters
Supply inflation destroys token economics instantly. Adding a huge wave of unearned tokens into circulation dilutes existing holders overnight, triggering sharp price crashes and leaving investors holding heavily discounted assets.
Source: CoinDesk
Top Crypto Casinos Right Now
🇩🇪 Showing sites that accept players from Germany Change country
Advertising disclosure: we may earn a commission when you join an operator via links on this page, at no cost to you. This never dictates our ratings. How we make money
More info Less info
Why we chose it: A US-facing book that pays a premium for crypto deposits: 125% against 100% for cash, with fee-free deposits across five coins.
- KYC
- Required
Restricted countries: Australia, Afghanistan, Bulgaria, Central African Republic, Congo - Brazzaville, Eritrea, France, Guinea-Bissau and 16 more.
More info Less info
Why we chose it: BetNow's casino floor with the biggest match bonus we list. The 200% headline deserves a careful read of the code terms behind it.
- KYC
- Required
Restricted countries: Australia, Afghanistan, Bulgaria, Central African Republic, Congo - Brazzaville, Eritrea, France, Guinea-Bissau and 16 more.
More info Less info
Why we chose it: A US-oriented casino that turns away only New Jersey. The cashier takes crypto, but the site publishes fewer specifics than any operator we list.
- KYC
- Required
Restricted countries: New Jersey (US).
Mia Chen
Mia digs into DeFi and on-chain data, translating protocol mechanics into plain English for everyday readers.
Related News
Boltz Kills Bitcoin Swaps After Attackers Find Bugs Faster Than Devs Can Fix Them
Hackers Mint 5.2M Fake Stablecoins, Forcing WEMIX to Freeze Network
Robinhood CEO Vlad Tenev's X Account Hijacked to Push Scam 'Vladhood' Token
