Harmony Proposes Migrating ONE Token to Ethereum Amid Security Concerns

Harmony has proposed shutting down its layer-1 blockchain and migrating its native ONE token to Ethereum. This move comes just weeks after a security incident that led to a rollback discarding over 109,000 transactions.

The proposal, shared on X, would see validators able to stop their nodes starting September 10th, with a $1.372 million pool set aside for those who transition smoothly. Users must exit all smart contracts before this date, as multisig safes and liquidity pools cannot be migrated.

According to Harmony, the decision was made due to security threats posed by state actors and AI agents. The team stated that since its mainnet launch in 2019, the community has been resilient through attacks and changes, but it's time to fully sunset the Harmony network.