Harmony Abandons Blockchain Amid Ongoing Security Threats
Harmony, an Ethereum-compatible Layer 1 blockchain, has announced its decision to shut down its network and migrate its native ONE token to Ethereum. This move comes after a major security exploit in August where an attacker minted over 3 trillion unauthorized ONE tokens.
The platform cited ongoing security threats as the main reason for this decision, stating that 'the threats posed by state actors and AI agents are too great.'
ONE token holders will not need to take any action, as new ERC-20 ONE tokens will be airdropped to their wallet addresses on Ethereum. However, multisig safes, liquidity pools, and on-chain applications cannot be migrated, and users have been urged to exit smart contracts before September 10.
The total token supply and emission rate will remain the same, with ONE trading at $0.00073, down 3.86% in the 24 hours following the announcement.