Harmony ONE Token to Migrate to Ethereum Amid Exploit Fallout

Harmony, a seven-year-old Ethereum-compatible blockchain, has proposed shutting down its independent chain and migrating the ONE token to Ethereum as an ERC-20 asset. This move comes after an August 12 exploit in which an attacker allegedly minted nearly 4 billion unauthorized ONE tokens (about 26% of total supply), pushing Harmony from damage control toward what appears to be an exit strategy.

The proposal involves a final network snapshot, an airdrop to matching wallet addresses, and a hard deadline. Multisig safes, liquidity pools, and on-chain applications cannot be migrated, and Harmony is urging users to exit all smart contracts before September 10, 2026. The move would record all ONE balances at a final block and issue equivalent ERC-20 tokens on Ethereum, covering wallets, staking delegations, validator rewards, smart contracts, and exchange balances, with no manual claims required.

This decision follows the trend of smaller chains seeking security by moving to Ethereum's post-Merge infrastructure. The Harmony migration is a significant development in the crypto space, particularly for ONE token holders who must act quickly to avoid being left behind. Those who miss the deadline may find themselves exposed to potential losses.