Harmony Abandons Ship Amid AI Fears, But Will Ethereum be Safer?

Harmony Protocol has decided to shut down its operations due to concerns over state actors and AI agents posing too great a threat. The project, launched in 2019, will migrate to Ethereum, where it hopes to make its ONE token safer.

The migration comes after Harmony suffered an exploit on August 11 that resulted in the unauthorized minting of 3 trillion native ONE tokens. A rollback was executed, restoring the chain's pre-hack state, but not before the price of ONE dropped sharply and lost over 40% of its value over the past month.

Harmony has a history of security issues, including a $100 million hack of its Horizon bridge in 2022. The network's TVL peaked at over $1 billion that year, but currently sits at just $150,000.