Harmony is investigating a suspected exploit that inflated the ONE token supply by nearly 4 billion tokens. The blockchain is working with exchanges to freeze funds and prepare patches, raising concer
On August 12, 2026, Harmony announced it was considering rolling back its blockchain after a significant exploit reportedly inflated the ONE token supply by nearly 4 billion tokens. This incident follows earlier hacks and highlights ongoing challenges for blockchain networks in maintaining security.
According to claims made on an X account called 'Juiceberg,' approximately 2.8 billion unauthorized ONE tokens were minted through empty blocks, with these tokens rapidly transferred to exchanges as the price of ONE plummeted. The attack allegedly left about 115 million ONE (or roughly 2.9% of the claimed amount) remaining on-chain.
Harmony is collaborating with cryptocurrency exchanges to freeze user funds and develop a patch to address this issue. While Harmony has not confirmed these claims, it stated that it was evaluating rollback options as part of its response strategy. The incident comes just months after the Horizon Bridge hack in June 2022, which resulted in the theft of around $100 million worth of cryptocurrency and was linked to North Korea’s Lazarus Group.
Market reactions were swift; ONE's price fell by 33.9% within a day. This incident underscores the broader implications for blockchain security and highlights concerns about potential vulnerabilities that could impact not only Harmony but other networks as well.
Traders should monitor developments closely, particularly how Harmony handles this situation and whether similar incidents in the future can be prevented or mitigated more effectively. The broader crypto community is likely to scrutinize this event intensely, given recent high-profile hacks and their implications for investor confidence and overall market stability.
In summary, while the exact details of the exploit remain unverified, Harmony’s response signals a serious threat that could have far-reaching consequences for both the ONE token and the blockchain ecosystem as a whole. As such, it is crucial to keep an eye on any updates from Harmony and the wider crypto community.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.