One of the most notable security incidents in the cryptocurrency market today occurred on the Harmony network. As a result, Harmony, a Layer-1 blockchain launched in 2019, has suffered another major attack after many years.
At this stage, a suspected vulnerability in the Harmony protocol's security system was discovered, which led to the unauthorized minting of approximately 4 billion ONE tokens.
Harmony stated that this amount constitutes roughly 26% of the total ONE supply managed by the company.
Harmony also announced that its investigation following the attack uncovered approximately 4 billion unauthorized ONE tokens in 409 different wallets and a total of 10,288 anomalous transactions.
Stock Exchanges Warn of Suspicious Transactions!
In its statement, the team also reported that after the incident, it contacted centralized cryptocurrency exchanges to initiate work on preventing suspicious fund movements. At that time, the project indicated it had identified four groups of wallet addresses and requested exchanges to block funds sent to these addresses.
According to the project's description, approximately 53% of validators on the network have installed a software update that prevents unauthorized token issuance.
ONE Price Plummets!
Following the discovery of the security vulnerability, the price of ONE sharply declined. According to CoinMarketCap, following this news, the ONE token lost approximately 40% of its value, dropping to around $0.000747.
*This is not investment advice.
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