- Harmony's developers proposed closing the seven-year-old network and issuing matching ERC-20 ONE tokens on Ethereum after citing rising security threats from state actors and AI agents.
- The nonbinding plan includes a final balance snapshot, automatic token distribution to matching Ethereum wallet addresses, and a $1.37 million pool to compensate validators who shut down nodes and join the new initiative.
- The proposal follows a $100 million bridge theft in 2022 and an August exploit that minted unauthorized ONE tokens and led Harmony to roll back more than 109,000 transactions.
Quotes
“The threats posed by state actors and AI agents are too great”
“it is time to fully sunset the Harmony network”