Harmony $ONE price drops 35% after 4B token exploit: what's next?

Harmony ($ONE) is facing continued selling pressure after a major network exploit led to the unauthorized minting of roughly 4 billion $ONE tokens , equivalent to 26% of the network's supply.

The incident sent $ONE to a new all-time low near $0.00057 - $0.00058 on August 12. The token has since recovered slightly but remains far below its pre-exploit levels.

As of August 13, $ONE is trading around $0.00078 - $0.00081 , depending on the exchange and market data provider. The token remains roughly 30% - 37% lower over 24 hours , showing that investors have not yet regained confidence in the network.

The latest price action comes after Harmony confirmed the exploit and said it was working with exchanges to freeze affected funds, develop a patch and evaluate possible rollback options.

The biggest factor behind the collapse is the sudden increase in ONE's supply.

Harmony previously had roughly 15 billion $ONE tokens , meaning the reported unauthorized mint of around 4 billion tokens was equivalent to approximately 26% of the supply . Such a large increase can create significant dilution for existing holders.

The situation became more concerning as on-chain data indicated that a large portion of the newly created tokens had moved toward exchanges. Initial reports suggested that around 2.8 billion $ONE had been transferred to exchange-related addresses, while roughly 115 million remained on-chain at the time of the report.

This created fears that the newly minted tokens could be sold into the market, adding even more pressure to an already weak asset.

The result was a sharp sell - off. $ONE fell from around $0.0012–$0.00128 before the exploit to as low as approximately $0.00057 , before recovering toward the $0.0008 region.

That means the token is still roughly 35% below its pre-exploit level .

Harmony has confirmed the security incident and said it is working with exchanges to stop and freeze affected funds.

The team is also preparing a software patch and evaluating a possible blockchain rollback .

A rollback could potentially reverse some transactions connected to the exploit and address the unauthorized mint.

However, this would be a complicated decision. Once the newly created $ONE has moved to centralized exchanges, been sold or transferred between different wallets, reversing the activity becomes much harder.

A rollback could also raise questions transaction finality and how much blockchain activity should be reversed.

For $ONE holders, the technical response from Harmony is therefore likely to be more important than the short-term price.

The incident has also attracted attention from blockchain investigator ZachXBT , who commented on Harmony's response and the handling of the exploit.

His post is worth highlighting because the situation is no longer only the amount of ONE that was created. It also raises questions around how quickly the vulnerability was identified, how the affected funds were handled and what responsibility should fall on the parties involved.

For the Harmony community, these questions matter because a successful technical patch alone may not be enough to restore confidence.

ONE's current price near $0.00078–$0.00081 is significantly below the levels seen before the exploit.

The token's recovery from the $0.00057 low shows that some buyers have stepped in, but it is too early to call this a meaningful reversal.

The first important area to watch is the $0.00080–$0.00081 zone . Holding above this area could help stabilize the price.

A move back toward $0.0010–$0.0012 would be a more meaningful sign that some confidence is returning.

However, another move below the recent low near $0.00057 could open the door to further downside.

At this stage, traditional technical analysis is also less reliable because the price is being driven primarily by the security incident and uncertainty around the token supply.

There are two very different scenarios from here.

Bullish scenario: Harmony successfully patches the vulnerability, limits the movement of the unauthorized tokens, provides clear supply data and reaches community agreement on a solution. In that case, ONE could attempt to recover some of its losses.

Bearish scenario: More unauthorized ONE reaches the market, the rollback creates controversy, or Harmony fails to provide convincing answers the new supply. That could trigger another round of selling.

The current price should therefore not be viewed in isolation. A 30% or 40% decline does not automatically make ONE undervalued when the underlying security issue remains unresolved.

This is not simply another crypto price correction.

The market is dealing with a supply and network-integrity problem .

An unauthorized creation of roughly 4 billion ONE changes the supply dynamics for every existing holder. At the same time, the movement of those tokens toward exchanges creates a direct risk of additional selling pressure.

The incident also follows security problems involving Harmony, including the 2022 Horizon Bridge exploit , which resulted in approximately $100 million in losses.

For investors, that history makes the latest incident even more important.

We previously covered the initial exploit and Harmony's response in Harmony $ONE exploit: 4 billion tokens minted as price crashes . The follow-up developments now shift the focus from what happened to whether Harmony can actually contain the damage.

Harmony's steps could determine the future direction of ONE.

The token has already lost roughly 35% from its pre-exploit levels , while the unauthorized mint has created serious questions around supply, security and investor confidence.

For now, the most important signals are not simply the ONE price or trading volume. Investors should watch the exchange freezes, the security patch, the potential rollback and Harmony's explanation of the final token supply .

If the network can contain the exploit and provide a credible solution, ONE may have a path toward stabilization. If uncertainty continues, the recent recovery could prove temporary.

The few days will be critical for Harmony. Until the supply issue and network security concerns are resolved, ONE remains a highly speculative and high-risk asset.

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