Harmony Abandons Its Own Network for Safer Pastures on Ethereum
Harmony Protocol has announced its decision to shut down due to concerns over threats posed by state actors and AI agents, citing that they are too great. The project, launched in 2019, will migrate to Ethereum, where it hopes the ONE token will be safer.
The move comes after Harmony suffered a massive exploit on August 11, resulting in the unauthorized minting of 3 trillion native ONE tokens. The team later executed a rollback of the chain, restoring its pre-hack state.
The price of ONE has dropped sharply following the hack and has lost over 40% of its value over the past month.
Harmony was previously rocked by a devastating $100 million hack of its Horizon bridge in 2022. The network's TVL (Total Value Locked) peaked at over $1 billion that year, but today sits at just $150,000.