An Attacker Minted 4 Billion Tokens on the Harmony Blockchain

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In Today's Note

• An attacker minted roughly 4 billion ONE, Harmony's native token, reportedly through empty blocks, and about 97% has already reached exchanges or deposit wallets. ONE fell 34% over 24 hours to around $0.0008, and Harmony is working with exchanges to freeze the funds while weighing a rollback.

• Brent traded just below $90 with the Strait of Hormuz still shut and Trump claiming the US has total control of it. July CPI is due this afternoon, with core expected at 2.5% YoY, which would be the smallest annual rise since February.

Market Snapshot: Overnight Moves

Macro & Markets

• Risk-on assets all traded lower in Tuesday’s session as a lack of a deal to restore the flow of energy through the Strait of Hormuz continued to slowly push oil prices higher.

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