Harmony probes reported 4B ONE mint as price plunges

Harmony said on Aug. 12 that it was working with cryptocurrency exchanges to stop and freeze funds after a suspected security incident on its Layer 1 network. Summary Harmony is working with exchanges to freeze funds while developing patch and evaluating rollback options. Analyst Juiceberg reported roughly four billion ONE were minted without authorization through empty network blocks. About 2.8 billion ONE reportedly reached exchanges, while Harmony has not confirmed the amount publicly. ONE fell about 26% over 24 hours as trading volume surged above $36 million Wednesday. Harmony previously suffered a staking bug that unintentionally minted 146.3 million ONE during 2023 operations. In a post, the team also said it was developing a patch and evaluating rollback options. It did not identify the root cause, confirm how many tokens were created or name exchanges that had frozen assets. On-chain analyst Juiceberg reported an “unauthorized 4B ONE mint” through empty blocks. In separate analysis, the researcher said about 2.8 billion ONE were quickly routed to exchanges and later estimated that roughly 115 million remained available to sell onchain. Harmony has not independently confirm...