Harmony Abandons Layer 1 Blockchain Amid Ongoing Security Threats

Harmony announced Sunday that it will fully sunset its Layer 1 blockchain and migrate its native ONE token to Ethereum. The decision comes after a series of security threats, including a major exploit last month where an attacker reportedly minted over 3 trillion unauthorized ONE tokens.

The team cited continued security threats from state actors and AI agents as the reason for shutting down the network. Since its mainnet launch in 2019, Harmony has faced several attacks and changes, but it is now time to fully sunset the Harmony network.

Validators can cease their node operations starting September 10, with a pool of $1.37 million set aside to compensate them for transitioning to governors in the new initiative.

The platform proposes airdropping new ONE tokens on Ethereum and migrating exchange listings without requiring any action from holders or validators. The token's total supply and emission rate will remain unchanged, while newly issued tokens will be allocated to Harmony's new AI video initiative.