Blockchain network Harmony Protocol has decided to shut down and migrate to Ethereum, citing threats posed by state actors and AI agents as too great to ignore. On August 11, the protocol suffered an exploit resulting in the unauthorized minting of 3 trillion ONE tokens, followed by a rollback to restore its pre-hack state. The ONE token has lost over 40% of its value over the past month, and the protocol was previously hit by a $100 million hack of its Horizon bridge in 2022. The migration to Ethereum will use a snapshot with user balances airdropped to the same wallet addresses, but funds deposited in smart contracts cannot be migrated. The protocol now plans to pivot to AI video, targeting advertising revenue that could generate tens of millions of dollars. Ethereum itself has seen 153 security incidents out of 344 total recorded in the first half of 2026, accounting for approximately 44% of all incidents.
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