Harmony proposes shutting down its blockchain amid rising AI threats, suggesting a migration of its ONE token to Ethereum.
Harmony Plans to Cease Blockchain Operations
In a bold move, Harmony has proposed shutting down its blockchain, citing increasing risks from artificial intelligence and state-sponsored threats. This decision comes as the cryptocurrency industry faces advanced cyber challenges fueled by innovations in AI technology.
The Harmony Team expressed concerns over the significant threats posed by AI agents and state actors, emphasizing the need to retire the network after years of resilience against various attacks since its mainnet launch in 2019.
Migration to Ethereum
As part of its proposal, Harmony plans to migrate its ONE token to the Ethereum blockchain. The initiative includes a snapshot of balances to ensure that all holders receive replacement tokens on Ethereum. This transition will encompass all wallets, staked tokens, and centralized exchanges, with airdrops to corresponding wallet addresses.
Users are encouraged to withdraw from smart contracts by September 10, 2026, as assets in multisig safes and liquidity pools cannot be migrated. The team also highlighted that the total supply and emission rate of the ONE token will remain unchanged, although new emissions will support a new project focused on AI video.
Security Concerns and AI's Role
This proposed shutdown reflects growing security concerns in the blockchain space, especially following a recent breach where an attacker generated around 4 billion unauthorized ONE tokens. The incident underscores the potential risks associated with AI-facilitated attacks, prompting Harmony to take decisive action.
In light of these security challenges, the company has allocated $1.372 million to support validators and their delegators, contingent on their continued participation and governance roles in the new initiative.
Harmony's migration efforts highlight the evolving role of AI in enhancing security measures across the crypto landscape, as developers increasingly leverage AI technology to identify vulnerabilities before they can be exploited.
