ONE Token Price Plummets 40% After Harmony Protocol Exploit
The ONE token price has tumbled 40% in the past 24 hours, trading at $0.000759. The price crash follows an unauthorized 4 billion ONE token mint exploit on the Harmony Protocol blockchain.
According to on-chain analyst Juiceberg, the attacker minted 4 billion ONE tokens through empty blocks, with almost all transferred to crypto exchanges for sale. The exploit has resulted in a massive rise in ONE token supply, causing investors to sell their holdings.
Harmony Protocol Response
Harmony Protocol has confirmed the exploit and is working with exchanges to stop and freeze the funds. The protocol has also paused the bridge to prevent cross-chain transfers.
The Harmony Protocol team has shared four specific wallet addresses linked to the exploit and has asked crypto exchanges to block and freeze related funds. Validators have been instructed to upgrade to a released patch to prevent further minting.
Market Impact
Trading volume has increased by over 4000%, with investors moving to sell their holdings amid the massive rise in ONE token supply. CoinGlass data shows massive selling in the derivatives market, with the total ONE token futures open interest tumbling 5% to $9 million in the last 4 hours.
Security Considerations
To avoid trading on platforms exposed to liquidity crises caused by massive exploits, investors should select partners from a list of beginner crypto exchanges that prioritize security and user asset protection.
