ONE Token Crashes 40% as Harmony Protocol Confirms Unauthorized 4B Mint Exploit

Harmony Protocol’s native ONE token crashed 40% on Wednesday after the Layer-1 blockchain confirmed an exploit. The attacker minted 4 billion ONE tokens without authorization, with almost all transferred to crypto exchanges for sale.

Harmony Protocol Suffers Unauthorized 4 Billion Crypto Mint

On-chain analyst Juiceberg first reported that an attacker minted 4 billion ONE tokens through empty blocks. A total of 2.8 billion tokens were quickly funneled to crypto exchanges, with 97% of the tokens either sold or held in deposit wallets to sell.

Harmony Protocol confirmed the exploit hours later, but details about the exact technical root cause were not revealed. “We are working with our team and appropriate exchanges to stop and freeze the funds,” it said.

Harmony Protocol shared four specific wallet addresses, including Harmony ONE and corresponding Ethereum addresses linked to the exploit. It has asked crypto exchanges to block and freeze related funds.

The protocol also paused the bridge to prevent cross-chain transfers. Notably, the cross-chain bridge was closed as Harmony Protocol suffered a $100 million exploit in 2022. ONE token price has failed to surpass the lowest level since then.

In the latest update, the protocol has asked all validators to upgrade to a released patch. “This patch prevents any further minting. We’ll follow up with another update to address the already minted tokens,” the protocol added.

🌸 Harmony Mainnet v2026.1.0 "Bloom":

Activation epoch 2964 (July 13, 2026, 05:58:57 UTC).

Validators and Explorer/RPC nodes: upgrade now.https://t.co/oij0pKpkve

— Harmony 💙 (@harmonyprotocol) July 8, 2026

ONE Token Crashes 40%

ONE token price tumbled 40% in the past 24 hours, with the price currently trading at $0.000759. The price crashed from a 24-hour high of $0.00124 to a low of $0.000535.

Furthermore, trading volume has increased by over 4000%, indicating investors moved to sell their holdings amid a massive rise in ONE token supply due to Harmony Protocol exploit.

CoinGlass data showed massive selling in the derivatives market. At the time of writing, the total ONE token futures open interest tumbled 5% to $9 million in the last 4 hours.

ONE futures OI on Binance and OKX slumped more than 28% and 18%, respectively. This signals bearish sentiment among derivatives traders.

To avoid trading on platforms exposed to liquidity crises caused by massive exploits, investors should select partners from a list of the compare beginner crypto exchanges that prioritize security and user asset protection.