Harmony Abandons Blockchain Amid State Actor Threats

Harmony is shutting down its blockchain and migrating its native token ONE to Ethereum (ETH) as an ERC-20 asset. The team cited threats from state actors and artificial intelligence (AI) agents, stating that 'the threats posed by state actors and AI agents are too great.'

The shutdown caps a tumultuous stretch for the network, which has been targeted in several high-profile attacks. In August, an exploit minted approximately 4 billion ONE tokens, about 26% of the total supply, causing the token's price to plummet to $0.0005735.

Harmony responded with a rollback, but the damage was done. The network's Horizon Bridge was breached in 2022, draining close to $99.6 million.

Holders do not need to claim their new tokens, as Harmony will snapshot balances at the final block and airdrop new Ethereum tokens to the same addresses.