Harmony's ONE sinks 37% after attacker mints or 4 billion tokens. Now, what might be interesting to you is that the entire market cap of this right now after the drop is probably I'm guessing fully diluted value. I don't know, market cap of one token is probably like $11 million dollars.

So 4 billion tokens only a couple million bucks, 4 billion tokens, but it equals roughly one quarter of a legitimate pre-attack supply. So the token obviously dropped 35 to 40%. Now, independent investigators say that about 97% of those counterfeit tokens had already reached exchanges or been sold.

So now, okay, so we're a clown show, we know that, right? This side of crypto is a joke. We know that AI as it continues to become more powerful, uh we're going to see hacks uh increasing and the amount of money from these hacks increasing and on these older blockchains where probably there's like one guy in a closet, uh working is like the stapler guy from Office Space.

There's nobody working here, nobody really protecting these. These things are going to continue to happen, but now Harmony has the unenviable position of deciding what to do about it.

Right? They did they haven't disclosed what the technical cause is, but they've said that they will either prepare a patch. Uh last I checked for a patch would just uh mean they can't mint any more tokens, but the 4 billion that have already been minted will still uh remain out there and whatever, or rolling back the blockchain.

Nothing says decentralized immutable ledger, like rolling back a blockchain and pretending that a thing didn't happen. So we go back in time like uh, you know, Marty McFly with his sweet Delorean, uh, and we could pretend that this never happened. The problem is that doesn't actually uh change anything for the seven people on planet Earth who maybe use this blockchain uh for some legitimate purpose, maybe their real transactions.

So those uh those people would be affected. I'll okay, I'll eight, eight of them. I'll be generous. But it also uh it does not going to roll back the sale of these four billion fake tokens. So the damage there largely already done. I mean,

this blockchain was supposed to be, as I said, an immutable decentralized ledger, but it basically just became like a Google Doc with a version history, like go back to a few days ago and and see what the document says. This is like, man. It seems like every day. I mean, I think we had read or reported that, you know, there's a hack in crypto every two days.

This year basically and the numbers are not necessarily huge. It's not billions of dollars a day, but it it just really like uh informs your investment decisions moving forward. I think that a lot of the old stuff is dead or dying or will be exploited and it's really time to just focus on quality and teams that are building and actually care about security.

There's like six of them. We're gonna find them for you.