Harmony Abandons Old Blockchain, Migrates ONE Token to Ethereum Amid Security Exploit

Harmony, the blockchain platform behind the ONE token, is planning to shut down its seven-year-old layer-1 blockchain and migrate its tokens to Ethereum. The move comes after a major security exploit in August that involved forged ONE tokens.

The migration will see Harmony's users exit smart contracts by September 10th, with validators able to begin shutting down nodes and receiving compensation from a $1.372 million pool. This proposal is non-binding and subject to governance approval.

After the retirement of its old blockchain, Harmony aims to shift focus towards a new AI video remix economy project, which will offer validators roles in governance or participation in the new initiative. The proposal to retire the blockchain was announced following an August security exploit involving forged ONE tokens, highlighting the need for such a drastic change.