Timeline of the Decline
January 2022
$0.38
All-Time High - Peak euphoria
June 23, 2022
$0.02
$100M bridge hack announced
June 2022
$0.015
Bridge hack destroys ecosystem trust
Current
$0.012
Post-collapse trading
What Went Wrong
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$100M Bridge Hack
Hackers compromised the Horizon bridge, stealing $100M in ETH and stablecoins. The hack exposed poor security practices.
-
Failed Recovery Plan
Harmony's proposed ONE token inflation to compensate victims was rejected by the community, leaving victims with losses.
-
Developer and User Exodus
After the hack, developers and users fled to other chains. TVL collapsed and the ecosystem never recovered.