An Altcoin Listed on Major Exchanges Was Hacked! Hacker Minted 4 Billion Tokens, Price Crashed!

One of the notable security incidents in the cryptocurrency market today occurred on the Harmony network. Accordingly, Harmony, a Layer 1 blockchain launched in 2019, suffered another major attack after many years.

At this point, a suspected security vulnerability was discovered in Harmony Protocol that led to the unauthorized minting of approximately 4 billion ONE tokens.

Harmony stated that this amount represents approximately 26% of Harmony’s total ONE supply.

Harmony also announced that its investigations following the attack revealed approximately 4 billion unauthorized ONE tokens in 409 different wallets and a total of 10,288 anomalous transactions.

Stock Exchanges Warned of Suspicious Transactions!

The team also stated in its announcement that following the incident, it contacted centralized cryptocurrency exchanges to begin efforts to prevent suspicious fund movements. At this point, the project indicated that it had identified four groups of wallet addresses and requested that the exchanges block funds directed to these addresses.

According to the project description, approximately 53% of the validators on the network have applied a software patch that prevents unauthorized token issuance.

ONE Price Experiences Sharp Drop!

Following the discovery of the security vulnerability, the price of ONE experienced a sharp decline. According to CoinMarketCap data, the ONE token lost approximately 40% of its value after the news, falling to around $0.000747.

*This is not investment advice.