Harmony has begun a full network rollback that will erase billions of illegally minted ONE tokens from the chain’s history.

The plan resets the blockchain to its state on August 11, hours before an attacker forged a fresh supply. Validators are already preparing the restart.

Why the Harmony Rollback Goes Back to August 11

Harmony (ONE) confirmed the recovery plan in a post on X. The chain will resume from blocks stamped 23:25 UTC on August 11. Everything after that point disappears.

The first forged mint landed two blocks later. Therefore, the team picked an earlier checkpoint as a safety buffer. Independent validators are now loading clean replacement databases for both shards, and the chain stays paused until that work ends.

Developers will give the go-ahead signal once the preparations finish. The exploit pushed ONE to a record low last week after roughly 4 billion tokens appeared without authorization, swelling supply by about 26%.

The Harmony team weighed softer fixes first. Burning the fake tokens wallet by wallet risked hitting innocent holders, while a blacklist would have left the extra supply on the chain. One cut-off point applies the same rule to everyone. An outside security firm reviewed the incident and backed the team’s findings.

Few networks take a step this drastic. When Sui stalled in May, block production simply resumed. Harmony, by contrast, must discard nearly a week of activity.

ONE Price Sits Near Its All-Time Low

ONE changed hands at roughly $0.00072 on Tuesday, down 4% over 24 hours. Its market value has shrunk to about $10.6 million, and the current ONE market price leaves the token outside the top 1,000 by capitalization.

The rollback removes the forged supply. However, it also deletes legitimate trades, swaps, and staking actions made during the same window. Harmony said it is working with exchanges and bridges to soften that hit.

Investigators traced nearly all of the forged ONE across wallets, pools, and bridges. Tracing is not recovery, though. Once the tokens reached shared balances such as exchange wallets, burning them could take money from unrelated users.

The case fits a punishing year for crypto security. Attackers have hit the chain infrastructure repeatedly, from a bridge exploit at Taiko in June to a cluster of July breaches. Meanwhile, stolen funds usually move faster than defenders respond, as critics of Circle argued after April’s Drift attack.

Harmony has not named a restart time. The coming days will show whether exchanges reopen ONE deposits, and whether holders stay with a chain that rewrote its own recent past.

Source: BeInCrypto