Harmony plans rollback, wiping 109,000 transactions after ONE exploit
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Harmony plans to roll back its blockchain to the state as of August 11, 11:25 pm UTC, following an exploit that resulted in forged ONE tokens. This rollback will discard over 109,000 transactions confirmed after the chosen checkpoint. Validators will produce new blocks starting from this rollback point using replacement databases.
Why it matters
The rollback means reverting already confirmed transactions, affecting users and services relying on recent activity on the Harmony chain. Harmony’s approach highlights the challenges of dealing with blockchain exploits, impacting trust and coordination with exchanges, bridges, and law enforcement.
Key context
The exploit involved unauthorized minting of ONE tokens that were sent to exchanges. Harmony decided selective transaction restoration was unsafe due to inconsistencies that would arise in balances, contract states, and other blockchain conditions. This action places Harmony alongside Ravencoin, another network that attempted to reverse blockchain activity after a security breach.
Key numbers and entities
Harmony will discard 109,126 regular and 315 staking transactions. The forged ONE tokens had a market cap of approximately $10.8 million according to Coingecko data. Ravencoin's market cap is noted at $46.3 million with a recent price of $0.002819.
What remains unclear
The source does not flag open questions but does not provide detailed information on the specific exploit mechanism or the timeline for completing the rollback and resumption of normal network operations.