The mint and the crash
ONE was trading around $0.00117 before the drop. At the time of writing, it sits 33% above the all-time low but is still down nearly 40% in 24 hours. The token is off 32% over seven days and more than 28% on the monthly chart.
About 2.8 billion of the minted tokens were moved to exchanges, according to on-chain data. That's a lot of sell pressure hitting the market at once.
Where the tokens went
Roughly 97% of theminted tokens are already on exchanges, either sold or sitting in deposit wallets. The attacker still has about 115 million ONE left to sell onchain, which is around 2.9% of the minted amount.
X user Juiceberg was among the first to raise the alarm on August 12. The warning came fast, but the damage was already done.
Harmony's response
Harmony is working with exchanges to freeze funds and has paused the LayerZero-Harmony bridge. The team asked validators to upgrade with a patch to prevent
