Harmony Protocol to shut down its blockchain, migrating ONE tokens to Ethereum after major hack

Harmony Protocol announced it will discontinue its Layer 1 blockchain after seven years, following a severe security breach where hackers minted over 3 trillion unauthorized ONE tokens. The project will migrate ONE tokens to Ethereum via an automatic airdrop, with validators able to stop operations by September 10 and receive compensation. The team cited persistent security threats as the reason and plans to pivot to an AI-driven video content business model. Users must withdraw from smart contracts before the deadline as some assets won’t migrate.