Harmony Proposes Migrating ONE Token to Ethereum Amid Exploit Fallout

Harmony, a seven-year-old Ethereum-compatible blockchain behind the ONE token, has proposed shutting down its independent chain and migrating ONE to Ethereum as an ERC-20 asset. The plan involves recording all ONE balances at a final block and issuing equivalent ERC-20 tokens on Ethereum, covering wallets, staking delegations, validator rewards, smart contracts, and exchange balances.

The move follows 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 looks like an exit strategy. The proposal also cites 'state-sponsored attackers and AI agents' as a rationale for sunsetting.

Harmony is urging users to exit all smart contracts before September 10, 2026, as multisig safes, liquidity pools, and on-chain applications cannot be migrated.