Bullish
Harmony ONE Supply Surges 26% After Exploit, Funds Frozen
12:33
Attackers minted 4B ONE tokens via empty block flaw, triggering 26% supply inflation. Harmony freezes funds and evaluates rollbacks as price drops.
Woofun AI reports that Harmony Protocol is collaborating with trading platforms to freeze funds linked to an unauthorized token minting incident. The team is developing technical fixes and assessing rollback options while the investigation continues.
On-chain data indicates attackers exploited an empty block vulnerability to mint approximately 4 billion ONE tokens, representing roughly 26% of the total supply. About 2.8 billion tokens were transferred to exchanges, causing significant selling pressure and a sharp price decline. Analysts note the exploit bypassed supply verification mechanisms, preventing the totalSupply interface from reflecting the inflation in real time.
WOOFUN AI
Impact Assessment · Quick Read
The sudden 26% increase in circulating supply creates immediate deflationary pressure on ONE price, likely suppressing short-term trading volume. If the proposed rollbacks are successful, market confidence may stabilize; however, failure to reverse the minting could lead to prolonged liquidity issues. This incident highlights critical risks in supply verification mechanisms for Layer1 protocols, potentially prompting broader audits of similar smart contract architectures.
Generated by WOOFUN AI · For reference only, not investment advice
Comments
No comments yet.