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ONE Harmony weighs blockchain rollback plan: 400 million ONE tokens were illegally minted
Harmony, the first-level blockchain protocol, is evaluating whether to roll back its network. Previously, attackers used the vulnerability to mint nearly 4 billion ONE tokens, accounting for approximately 26% of the total supply of the token.
Immediate response and ongoing investigation
On August 11, the Harmony development team said it was working closely with multiple cryptocurrency exchanges to identify, freeze and block the flow of funds related to the incident. The priority is to prevent further unauthorized transfers of tokens and mitigate the impact on existing holders.
Developers are writing patches to fix the underlying vulnerabilities and studying the feasibility of restoring the blockchain to its pre-exploit state. Harmony has not commented on technical details, the total number of illegally minted tokens or how many tokens have been transferred to exchanges.
The team's statement came after the X account Juiceberg released a detailed analysis stating that the attacker successfully minted unauthorized ONE tokens by using empty blocks within the network. According to Juiceberg, shortly after the incident, approximately 2.8 billion newly minted ONEs were moved to the exchange, causing token prices to begin to plummet.
The same source estimates that the attacker may still control 115 million ONEs on the chain, accounting for approximately 2.9% of the total proceeds from this exploit. The remaining tokens may have been sold or stored in the exchange's top-up wallets. These data have not been independently verified, and Harmony has not provided a complete breakdown of the supply volume affected or issued a detailed incident review report.
Small Dictionary
Harmony is a first-level blockchain protocol that provides a fast and scalable infrastructure for decentralized applications, focusing on a low-latency and low-cost consensus mechanism.
Token price impact and dilution concerns
This exploit triggered significant selling pressure on ONE, causing the token price to drop by as little as more than 50%. As of the latest update, ONE is still down approximately 33.6% in the past 24 hours.
(Table description: The total supply of ONE before the incident was approximately 15.1 billion, and after the incident was approximately 19.1 billion; the circulating price before the incident was not displayed, but fell by 33.6% after the incident.)
The sharp drop in prices reflects market uncertainty about a sudden and significant increase in circulation supply, concerns about possible intervention by network administrators, and the precedent this could set for blockchain governance. If billions of unauthorized tokens remain on the open market, the resulting dilution effect could continue to put pressure on ONE's price. The possible rollback operation raises questions about the integrity, decentralization and irreversibility of blockchain transactions.
Past attacks and future prospects
This incident occurred more than two years after the high-profile Horizon Bridge hack in June 2022 that caused approximately US$100 million in digital asset losses. The FBI attributed the attack to the Lazarus Group, a cybercriminal organization with ties to North Korea. The latest breach highlights the security challenges Harmony continues to face, which has previously been one of the most hit networks in a wave of bridging vulnerability attacks affecting multiple blockchains.
The Harmony team is currently working with the exchange to restrict the flow of newly minted tokens while finalizing the patch. The rollback plan is under evaluation, but the developer has not yet made a decision. Any proposal to reverse the state of blockchain will likely require broad support from Harmony verifiers and the broader community to move forward.
Harmony is evaluating whether it can roll back the network to remove billions of ONE tokens illegally minted due to vulnerabilities. No final decision has been made and the outcome may depend on community consensus.
