Harmony Abandons Blockchain Network After Devastating Security Breach

Harmony Protocol announced its plan to discontinue its blockchain network after seven years of operation. The decision follows a catastrophic August security breach where hackers minted over 3 trillion unauthorized ONE tokens.

The protocol will transition its native ONE token to the Ethereum ecosystem, with holders receiving airdropped ERC-20 tokens automatically. A final network snapshot will be captured at the blockchain's terminal block, and token supply metrics and emission schedules will remain unchanged.

Network validators can cease operations starting September 10 and receive compensation from a $1.37 million fund. The team has advised users to withdraw from smart contracts prior to the deadline, as some assets will not transfer during the migration process.