The ONE token of the Harmony blockchain has fallen by more than twenty-six percent. The drop occurred after reports of a major hacker attack on the project. Representatives of the network have officially confirmed the successful interference of intruders in the system. As a result of this attack, about four billion new coins appeared on the network. The additional issue accounted for more than a quarter of the total current supply of the digital asset. Before the incident, about fifteen billion tokens were circulating on the open market. Such a large-scale issue immediately led to a sharp drop in the market value of the coin. The development team is already actively interacting with cryptocurrency exchanges to freeze funds. Engineers are currently preparing a special fix for the vulnerable network software code.

Representatives of the project have not yet disclosed the technical details of the vulnerability found. They also did not specify the exact depth of the likely rollback of the entire network. The developers are working on options for releasing a patch and returning to previous versions of the blockchain. This rollback allows you to completely eliminate all subsequent hacker transactions from the history. This step makes it impossible for attackers to hold new tokens inside the network itself. However, the method becomes less effective when funds are withdrawn to external exchanges. Harmony blockchain is focused on the operation of decentralized protocols and modern trading platforms. The native ONE token is used to pay for transactions and provide general security.

This is not the first case of unauthorized token issuance on this network. Last December, a staking error led to the issuance of millions of coins. Then the team released an emergency update and blocked addresses with incorrect tokens. In 2000, the project suffered from an attack on the bridge. The attackers then stole about one hundred million dollars through compromised private keys. The Federal Bureau of Investigation linked that large-scale theft to the North Korean Lazarus group. The other day, the crypto payment service Coinsbuy was also subjected to a serious hacker attack. Almost eight million dollars of user funds disappeared from his wallets without a trace. Analysts have suggested a compromise of private keys or a critical vulnerability of the service infrastructure itself.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.