Harmony Pauses Cross-Chain Bridge and Requests Validator Update, Patch Prevents Further Minting

August 12th, Harmony announced that it has temporarily suspended its cross-chain bridge service due to today's security incident. All validators are required to upgrade to the latest patch immediately. Harmony stated that this patch will prevent further token minting, and additional updates will be released to address the tokens that have already been minted.

In addition, Harmony has requested all exchanges to block and freeze funds associated with 4 specific wallet addresses.

Earlier today, Harmony experienced another security incident. On-chain analysis indicates that Harmony may have been vulnerable to a reentrancy attack, with the attacker illicitly minting about 4 billion ONE tokens, accounting for approximately 26% of the current supply. Subsequently, around 2.8 billion ONE tokens were transferred to exchanges, causing significant selling pressure on the market. As a result, the ONE price plummeted during the day.