Harmony has proposed shutting down its layer-1 blockchain and migrating its native ONE token to the Ethereum network following a recent security exploit. According to CoinTelegraph, this move comes after plans to discard approximately 109,000 transactions were put forward in response to the incident.
The exploit, which occurred weeks ago, triggered the decision to transition away from Harmony's own blockchain infrastructure. By moving ONE to Ethereum, Harmony aims to leverage Ethereum's established security and network effects to restore confidence among its users.
For Japanese investors, this development highlights ongoing risks in newer blockchain projects and underscores Ethereum's dominant position as a trusted platform for token migration and security in the crypto market.