Harmony’s ONE falls 26% after attacker allegedly mints 4 billion tokens

Harmony’s ONE token fell about 26% in Asian morning hours Wednesday after an apparent exploit created roughly 4 billion new tokens, an amount equal to more than a quarter of the token’s existing supply.

Harmony confirmed the attack in an X post and said it is working with exchanges to freeze the funds and preparing a software fix.

“We are working on a patch and rollback options,” Harmony said, adding that it would provide another update when more information is available.

Harmony is a blockchain network whose ONE token is used to pay for transactions and help secure the chain. Roughly 15 billion ONE existed before the incident, meaning another 4 billion represents a sudden increase of about 26% against that supply.

A rollback would mean getting the network to return to a point before the exploit and continue from there, effectively removing some transactions that happened afterward from the blockchain’s accepted history.

That can prevent an attacker from keeping newly created tokens still on the network, but becomes harder once funds have reached exchanges or moved onto other systems.