Harmony’s ONE dives 26% after an attack appears to mint tokens equal to quarter of supply
Harmony's native token ONE plunged approximately 26% on August 12, 2026, following reports that an attacker allegedly minted roughly 4 billion ONE tokens — an amount equivalent to approximately one quarter of the token's existing circulating supply. The sudden and unauthorized issuance triggered immediate panic selling across major exchanges, sending the token's price sharply lower within hours of the incident becoming public.
Harmony is a layer-1 blockchain network that has previously experienced significant security incidents, most notably a $100 million exploit of its Horizon Bridge in June 2022. The protocol has worked to rebuild trust and restore its ecosystem in the years since that breach. The latest alleged attack raises renewed questions about the security architecture underlying the network and its smart contract infrastructure.
The apparent minting of tokens on this scale carries serious implications for investor confidence across the broader altcoin market, as it highlights ongoing vulnerabilities within layer-1 ecosystems. A sudden artificial inflation of token supply of this magnitude directly dilutes the holdings of existing token holders and can destabilize liquidity pools and decentralized finance protocols built on the network.
Observers will be closely watching for an official response from the Harmony development team, including any technical post-mortem, proposed remediation measures, or emergency governance actions. Market participants will also be monitoring whether additional exchanges move to suspend ONE trading or whether the token can stabilize pending further clarity on the scope of the breach.
Source: CoinDesk
