Harmony Seeks Shutdown, Migrates ONE to Ethereum Amid Post-Hack Fallout

Harmony is proposing to shut down its layer-1 blockchain and migrate its native token ONE to Ethereum. This move comes just weeks after a hack that led to plans to discard over 109,000 transactions.

The proposal suggests taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum, and migrating exchange listings. Validators would have options to stop their nodes, continue as governors, or join Harmony's new AI-video initiative.

Harmony described the proposal as non-binding and did not specify when the final block would be produced or whether the shutdown would be submitted to the network's validator-led governance process.