Harmony network exploited for 4 billion ONE tokens, price drops 26%

The Harmony layer 1 blockchain network suffered an apparent exploit on August 12, 2026, resulting in the unauthorized creation of approximately 4 billion ONE tokens, which increased the supply by over 25% and triggered a 26% price drop. The Harmony team is working with exchanges to freeze funds and is considering a blockchain rollback. This incident follows previous security issues, including a 2022 $100 million bridge hack. Separately, Ravencoin faced its own consensus exploit, driving its RVN token to an all-time low.

Harmony network exploit

• ▪The Harmony layer 1 blockchain network confirmed an apparent exploit on its network on Wednesday, August 12, 2026
• ▪The Harmony team stated they are working with cryptocurrency exchanges to freeze funds associated with the August 12, 2026 exploit
• ▪The Harmony team is preparing a software patch to address the August 12, 2026 exploit, though they have not yet explained the specific vulnerability

Unauthorized token minting

• ▪The apparent exploit on the Harmony network on August 12, 2026, created approximately 4 billion new ONE tokens
• ▪The creation of 4 billion new ONE tokens on August 12, 2026, represented an increase of more than a quarter of the existing supply of roughly 15 billion ONE tokens

ONE token price drop

• ▪The ONE token is used to pay for transactions and secure the Harmony layer 1 blockchain network
• ▪Harmony's native token, ONE, fell by approximately 26% in Asian morning hours on Wednesday, August 12, 2026, following the network exploit

Blockchain rollback consideration

• ▪A blockchain rollback of the Harmony network would effectively remove transactions that occurred after the August 12, 2026 exploit from the blockchain's accepted history
• ▪The Harmony team is considering rollback options for the blockchain network to return it to a state before the August 12, 2026 exploit

Harmony security incident history

• ▪In December 2023, a bug in Harmony's staking system improperly minted approximately 146.3 million ONE tokens across 74 addresses
• ▪In 2022, attackers compromised private keys to steal approximately $100 million from Harmony's Horizon bridge, an attack later attributed by the FBI to North Korea's Lazarus Group

Ravencoin consensus vulnerability

• ▪Mining pools 2Miners and RavenMiner began building a competing Ravencoin chain to exclude the exploited branch, putting several days of transactions at risk of reversal
• ▪Ravencoin's RVN token dropped to an all-time low of $0.002754 on Wednesday, August 12, 2026, following a consensus vulnerability exploit
• ▪Cryptocurrency exchanges Upbit and Bitget suspended Ravencoin (RVN) transfers following recommendations to halt deposits and withdrawals until the chain stabilized
• ▪The Ravencoin exploit caused vulnerable nodes to accept invalid blocks, with the first instance appearing at height 4,487,776 on Friday, August 7, 2026