Harmony to Abandon Blockchain, Migrate ONE to Ethereum

Harmony plans to shut down its blockchain and migrate its token ONE to Ethereum, reversing its previous stance on migration. The proposal, announced on Sept. 6, follows a rollback executed on Aug. 21 after an exploit on Aug. 11 that allowed attackers to mint tokens without proper debits, resulting in unauthorized issuance of approximately 3.01 trillion ONE. This marks the second major attack on Harmony, following a June 2022 incident where nearly 100 million dollars were drained from its Horizon bridge, attributed to North Korea's Lazarus Group. As of now, ONE trades at 0.0007122, with a market value around 10.75 million dollars. The new proposal includes taking a snapshot of the final block and distributing new ONE tokens to Ethereum wallet addresses. However, smart contracts and liquidity pools will not migrate automatically, and users are urged to exit smart contracts by Sept. 10. A compensation pool of 1.37 million dollars is proposed for governors and delegators over four quarters. The plan also aims to redirect future ONE emissions towards Harmony's AI-video initiative, further distancing the token from its original blockchain purpose. The proposal is non-binding, and the final block or airdrop date has not been disclosed.

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