ONE Dumps to ATL as Harmony Exploited in Unauthorized Mint of 4B Tokens

An attacker has hit the Layer 1 blockchain Harmony and minted not less than 4 billion of its native ONE token.

Data from CoinGecko exhibits the token plummeted to a brand new all-time low of $0.0005735 following the incident.

Hackers Mint 4 Billion ONE

X person Juiceberg was among the many first to increase the alarm, posting on August 12 that an unknown particular person had minted 4 billion ONE tokens, which is about 26% of its provide, and moved about 2.8 billion of them into exchanges.

“The attacker has roughly 115M ONE left to promote onchain — about 2.9% of the ~4B they minted,” the on-chain analyst wrote. “(~97%) is already on exchanges and has both been offered or is sitting in deposit wallets prepared to promote.”

Soon after, the protocol acknowledged the incident, though it didn’t disclose the basis trigger or verify the quantity that had been minted by the hacker. It additionally knowledgeable customers that it was working with a number of exchanges in an try to freeze the funds. The group additionally stated they have been engaged on a patch to repair the problem as properly as rollback choices, promising to give an replace as quickly as they bought new info.

Harmony has to this point traced the theft to 4 pockets addresses, one1uap…43014510, one17u300a…6408efe5, one1a5hur07z…73bb08eb, and one1h56hkx…58ff1a70ba, and has asked all exchanges to “block and freeze” any funds that observe again to them. Due to the incident, the group has additionally paused the LayerZero-Harmony bridge and requested validators to improve with a patch that stops any additional minting of ONE.

“We’ll comply with up with one other replace to deal with already minted tokens,” the group promised.

This just isn’t the primary time Harmony has been attacked, as it misplaced about $100 million in 2022, when its Horizon Bridge was exploited.

ONE Dumps to All-Time Low

Following the incident, the ONE token, which had been buying and selling round $0.00117, dropped all of the sudden to about $0.00057 to register a brand new all-time low. At the time of writing, the token had shaken off some of the shock and was altering arms 33% above that ATL, though the brand new stage nonetheless represented an almost 40% loss in 24 hours. Over seven days, the asset is 32% in the pink per CoinGecko information and greater than 28% on the month-to-month chart.

The assault occurred proper after one other one which hit the XRPL-Coreum bridge, with almost 200,000 XRP stolen in that incident the place the hacker tricked the bridge’s deposit-checking system into treating a wallet-to-wallet switch as an precise deposit.

The put up ONE Dumps to ATL as Harmony Exploited in Unauthorized Mint of 4B Tokens appeared first on CryptoPotato.