The Harmony ONE token has fallen around 40% to an all-time low after an attacker created roughly four billion tokens on the network without authorization. Harmony has confirmed the exploit, released a patch and asked exchanges to freeze four wallet addresses linked to the attack. It has not confirmed how many tokens were created or explained how the mint was possible.
Harmony ONE Crypto Crashes 40% to an All-Time Low
The Harmony coin price fell to a record low of $0.0005735 during Wednesday trading before recovering to around $0.00076, having started the day near $0.00124. Reported declines range from 26% to 40% depending on the measurement window, with the harmony token price chart showing intraday moves approaching 50% at the worst point.
Harmony(ONE) USDT, Source: TradingView
Trading volume rose more than 4,000% to roughly $37 million, well above the token’s remaining market value of about $11 million, which is what happens when holders exit at speed.
What Harmony Has Confirmed About the Exploit
Harmony confirmed the incident on 12 August and named four wallet addresses tied to the attack, asking exchanges to freeze any funds tracing back to them. It has since released a patch and told validators and node operators to upgrade urgently to prevent further minting.
What the project has not supplied is the technical explanation. Harmony has not identified the root cause, confirmed its own total for the unauthorized issuance, or said how it will handle the tokens already created. Rollback options are still being evaluated.
What On-Chain Analysts Report That Harmony Has Not Verified
The four billion figure comes from on-chain analyst Juiceberg, who reported the mint was carried out through empty blocks. The same analyst estimated that about 2.8 billion ONE reached exchanges, with roughly 115 million left on-chain, meaning about 97% of the created tokens were either sold or sitting in deposit wallets ready to sell.
Harmony has not independently confirmed those numbers, so they remain analyst estimates rather than an official assessment. The analyst also claimed the project’s supply data was masking the inflation, which Harmony has not addressed.
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Why a 4B Harmony ONE Mint Dilutes Holders
Roughly 15 billion ONE were in circulation before the incident, so four billion new tokens equals about 26% of that figure. Creating tokens outside a network’s intended issuance dilutes everyone holding the existing supply, because the same value is spread across more coins.
The scale is easier to grasp in cash terms. At the post-incident price near $0.0008, the four billion tokens would be worth roughly $3.2 million, a modest sum that has cost holders far more in market value than it delivered to whoever created it. Any Harmony ONE crypto price analysis made before this week now rests on a supply figure that may no longer hold.
Previous Instances of Unauthorized Harmony One Token Creation
In December 2023 the project reported that a flaw in its staking logic had created 146.28 million ONE across 74 addresses, after completed unstaking requests were not cleared properly and were paid out repeatedly. Harmony fixed it with an emergency hard fork.
The network also lost roughly $100 million from its Horizon Bridge in June 2022, which the FBI later attributed to North Korea’s Lazarus Group. Harmony proposed minting billions of tokens to reimburse victims and withdrew the plan after community opposition, and its DeFi deposits had fallen 99% from their 2022 peak by early 2025.
What Harmony ONE Holders Should Watch Next
Whether exchanges freeze the reported deposits is the immediate question, since roughly 97% of the created tokens had already left the attacker’s wallets. Beyond that, Harmony still needs to explain what flaw allowed the mint.
The rollback decision is something holders should understand. Reversing the chain would undo the unauthorized transactions, but it would also affect legitimate activity in the same period, so Harmony would need to define the affected block range and how ordinary users are treated.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. This article is for informational purposes only and does not constitute financial, investment or trading advice. Conduct your own research before making any investment decision.
FAQs
1. Why did the Harmony ONE token price crash 40%?
The harmony token price fell to an all-time low of $0.0005735 when an attacker minted roughly four billion ONE without authorization, equal to about 26% of existing supply, and most of it was moved to exchanges and sold.
2. Has Harmony confirmed the 4 billion ONE mint?
Harmony has confirmed an exploit, named four wallets and released a patch, but it has not confirmed how many tokens were created or identified the cause. The four billion figure is an analyst estimate.
3. What is an unauthorized token mint?
An unauthorized token mint is the creation of new tokens outside a network's intended rules, usually by exploiting a flaw in its code. Because supply increases without anyone paying for it, existing holders are diluted.
4. What would a Harmony rollback mean?
A Harmony rollback would reverse the blockchain to a point before the incident, undoing the unauthorized transactions. It would also undo legitimate transactions made in the same window, which is why the affected block range matters.
