Harmony Abandons Standalone Blockchain Due to Security Concerns

Harmony has proposed abandoning its standalone blockchain and migrating its token to Ethereum due to concerns over security costs.

The company cited the threat of state-sponsored hackers and AI agents as too great for it to counter alone, referencing a study by Anthropic that found a significant increase in cybercrime activities over the past year.

Harmony's proposal comes after a recent breach in August, where around four billion ONE coins (26% of the existing supply) were created illegally. The company has since rolled back its network to before the breach.

The company believes that relying on Ethereum's proof-of-stake security will be more cost-effective and safer than maintaining its own blockchain.