On August 12, the established high-performance public chain Harmony experienced another security incident. On-chain analysis indicates that Harmony likely fell victim to a block vulnerability attack, where the attacker unauthorizedly minted approximately 4 billion ONE tokens, accounting for about 26% of the current supply. Approximately 2.8 billion ONE tokens were subsequently transferred to trading platforms, creating significant selling pressure in the market. As a result, the price of ONE halved during the day. Harmony Protocol stated that the team is collaborating with relevant trading platforms to attempt to stop and freeze the funds involved in this incident, while also developing a repair plan and assessing rollback options. Contrary to the impression of a 'major incident,' this event only led to a $5 million evaporation in Harmony's market value—prior to the incident, Harmony's total market value was approximately $17 million (which later dropped to $12.8 million, ranking 1004 in the crypto market). According to CoinGecko data, ONE reached an all-time high of about $0.379 in October 2021; based on common market metrics at that time, Harmony's peak market value was around $4 billion (ranking in the top 50 by market cap). Now, with a market value of about $13.7 million, Harmony has shrunk by approximately 99.7% from its peak, leaving it at about 0.34% of its high point. Estimated on a compounded annual basis over the past five years, its market value has averaged a 70% evaporation each year; for secondary market investors, the experience feels closer to enduring multiple rounds of 90% declines, with each low potentially leading to new discount layers. This is not the first time Harmony has faced a significant security incident. In June 2022, Harmony's Horizon cross-chain bridge was hacked for about $100 million, an incident later attributed by the U.S. FBI to the North Korean hacker group Lazarus Group. That attack severely damaged trust in the Harmony ecosystem and marked a crucial turning point for its TVL, users, and liquidity loss over the long term. According to DefiLlma data, as of the time of writing, Harmony's current total DeFi locked value is only about $171,000, with on-chain fees of just $0.13 in the last 24 hours, DEX trading volume of only $694, and 244 active addresses in the last 24 hours, while the stablecoin market cap is about $8.47 million and ONE's market cap is approximately $13.7 million. Records show that Harmony was founded around 2018 by a team led by Stephen Tse and other Silicon Valley engineering backgrounds, focusing on sharding, low costs, fast confirmations, and EVM compatibility. The project initially raised about $18 million, with investors including Lemniscap, Consensus Capital, BCA Fund, AU21 Capital, and UniValues; in 2019, it completed a $5 million IEO through Binance Launchpad, becoming one of the star projects in the narrative of 'high-performance public chains.'