In the recent events, Harmony’s ONE has ended up finding itself among the worst performers in the list of top 200 cryptocurrencies demonstrating the worst performances. Harmony, which is one of the major providers of the cross-chain bridge has recently suffered from an incident resulting in ONE’s downfall.
Harmony Suffered a Theft
The reason behind ONE’s uncalled-for downtrend was due to an announcement made by the officials at Harmony. The Harmony officials confirmed that they had recently fallen prey to cryptocurrency theft.
As a result of the theft, they ended up losing $100 million. Right after the announcement of the theft, the trading price of ONE started to deteriorate. In a matter of hours, the trading price of ONE had suffered substantially.
The data suggests that the trading price of ONE ended up experiencing an 11% dip in a matter of a day. The weekly analysis data suggest that the price of ONE experienced a 4% dip.
Theft Notification by Harmony
On June 24, the teams at Harmony revealed that their protocol ended up facing a theft in the early morning. They confirmed that the theft had taken place at the Horizon Bridge. As a result of the theft, their protocol ended up losing $100 million.
Despite the $100 loss, the teams at Harmony have claimed that the Bitcoin bridge has faced no harm due to the theft. They also confirmed that all the assets and funds they have kept stored in the decentralized vaults are also intact.
The teams even got in touch with all the cryptocurrency exchanges to let them know of the theft. They did this so the exchanges could cease any transactions that would have been generated in response to the theft. The teams also proceeded with the ceasing of the Horizon Bridge until the issue could be dealt with.
The teams at Harmony also confirmed that they had also gotten in touch with forensic specialists and national authorities, and are dealing with the situation. They are going through all the necessary processes and procedures in order to have their funds retrieved.
Losses Faced by Harmony
As confirmed by the investigation teams, Harmony ended up losing funds from the Binance Smart Chain and the Ethereum blockchains.
The funds that the protocol has lost were in the form of DAI, USDC, USDT, BNB, and ETH. The teams have been monitoring the stolen funds very closely and they have confirmed that all the coins have been combined under the same cryptocurrency, ETH.
It is expected that the situation for ONE may not recover any time soon. Therefore, the trading price of ONE may continue experiencing a downtrend and may be unsafe to invest money for a while.
