The Layer 1 blockchain detected unauthorized minting of 26% of its token supply, prompting emergency measures to freeze funds.
Harmony suspended trading and collaborated with exchanges to freeze funds after detecting an unauthorized mint of 4 billion ONE tokens, equivalent to 26% of its supply. On-chain data showed 2.8 billion ONE tokens were quickly moved to exchanges as the token’s price collapsed.
The blockchain, launched in 2019, has not disclosed the root cause or confirmed the total amount involved. Harmony previously suffered a $100 million exploit of its Horizon Bridge in 2022. The team is evaluating rollback options while developing a patch.
No immediate market reaction was specified, but the incident follows a pattern of security breaches in the sector.