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.
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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
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Mia Chen
Mia digs into DeFi and on-chain data, translating protocol mechanics into plain English for everyday readers.
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