Harmony, the layer-1 blockchain that supports the ONE token, has experienced a serious security issue. Attackers created billions of unauthorized ONE tokens on its network, resulting in a loss of about $5 million. The event marks the second major breach for the project in four years.
Analysts have tracked the stolen tokens to various exchanges. The Harmony team said it is currently investigating the incident and collaborating with exchanges to secure any affected funds.
We are working with our team and appropriate exchanges to stop and freeze the funds.
We are working on a patch and rollback options.
Will update when we have new information. https://t.co/XB0nCwTAyN
— Harmony 💙 (@harmonyprotocol) August 12, 2026
Harmony Hit Again!
On-chain analysts report that about 4 billion ONE tokens were created without permission through empty blocks on Harmony’s network. This amount accounts for about 26% of the total token supply, which dilutes the value for holders who did not receive extra tokens.
The report also mentioned that around 2.8 billion newly created ONE tokens were quickly sent to crypto exchanges, which could lead to selling pressure. As news spread, the price of ONE dropped. As of this writing, the token trades at $0.0003662, according to CoinGecko data, showing strong market worry about the sudden increase in supply.
Meanwhile, in response to the breach, the Harmony team has asked all exchanges to block and freeze funds linked to 4 suspicious wallet addresses. They added that they are collaborating with exchanges to stop and freeze the stolen funds. Meanwhile, the team is also exploring “a patch and rollback options.”
For holders, however, the immediate concern was clear, which is that a minor technical issue can quickly escalate into a significant financial shock for regular crypto users.
Harmony’s Historic Bridge Exploit
The latest incident is particularly painful for Harmony because the network has previously suffered one of crypto’s major bridge attacks. In June 2022, hackers stole roughly $100 million from the project’s Horizon Bridge after compromising private keys controlling the bridge. The theft forced Harmony to halt the bridge and launch efforts to recover the funds.
That attack became part of a wider pattern of increasingly damaging crypto breaches the crypto space has seen. For example, BonkDAO, the decentralized autonomous organization (DAO) of the Solana-based dog-themed memecoin Bonk (BONK), recently suffered a striking breach after a malicious governance proposal drained approximately $20 million from its treasury.
Notably, the scale of attacks has changed over the years, but so has the confidence of criminals targeting major infrastructure. They now move stolen assets quickly across different chains and exchanges, leaving operators struggling to identify and freeze the funds.
Jonathan Agozie | August 8, 2026
