Harmony is proposing to permanently shut down its blockchain and migrate its ONE token to Ethereum, reversing a decision made just weeks earlier to preserve the independent network.
The Sept. 6 proposal follows an Aug. 11 exploit that allowed attackers to reuse cross-shard receipts and mint tokens without corresponding debits. Harmony initially reported 4 billion ONE created in the attack, with later analysis putting unauthorized issuance at roughly 3.01 trillion ONE across six forged transactions.
On Aug. 21, Harmony completed a rollback that discarded more than 109,000 regular transactions and 315 staking transactions from the affected shard-0 archive. Just two weeks later, the project announced plans to abandon the network entirely, citing threats from state actors and AI agents.
This represents the second major attack Harmony has endured. In June 2022, the Horizon bridge was drained of nearly $100 million in an attack the FBI attributed to North Korea's Lazarus Group.
Migration Details
Under the proposal, Harmony would take a snapshot at the chain's final block and distribute new ONE tokens to the same wallet addresses on Ethereum. Delegated stakes and unclaimed rewards would move into individual governor vaults, while token supply and emissions would remain unchanged.
Smart contracts, liquidity pools, and multisig safes will not migrate automatically. Harmony has urged users to exit smart contracts before Sept. 10, with validators permitted to begin shutting down that day.
A proposed $1.37 million compensation pool would pay governors and delegators over four quarters. Future ONE emissions would be repurposed toward Harmony's AI-video initiative.
The proposal remains non-binding, with no final block or airdrop date disclosed.
