Harmony | Crypto

Harmony proposed sunsetting its layer-1 blockchain and migrating ONE to Ethereum, weeks after an exploit led to plans to discard 109,000 transactions. Ethereum-compatible layer-1 network Harmony proposed sunsetting its blockchain and migrating its native ONE token to Ethereum, seven years after launching its mainnet.  On Sunday, Harmony proposed taking a final network snapshot, issuing ERC-20 ONE tokens on Ethereum and migrating exchange listings. Validators would be offered options to stop their nodes, continue as governors, or join its new AI-video initiative.  Harmony described the proposal as non-binding and did not specify when the final block would be produced or whether the shutdown would be submitted to the network’s validator-led governance process.  Read more

Harmony said selectively restoring transactions could create inconsistent chain state, as Ravencoin faces a separate rollback dispute after an exploit. Harmony plans to roll back its blockchain to Aug. 11 following an exploit that created forged ONE tokens, discarding more than 109,000 transactions confirmed after its chosen checkpoint. The layer-1 network said Monday that validators would revert to blocks recorded at 11:25 pm UTC on Aug. 11. New blocks will be produced from the next heights using replacement databases. The discarded window includes 109,126 regular transactions and 315 staking transactions. Harmony said selectively restoring transactions was unsafe because balances, contract states, nonces and other conditions would differ on the replacement chain. Read more

A validator patch closes the reported receipt flaws while the excess supply and any rollback remain unresolved. The post Harmony weighs a full blockchain rollback after unauthorized minting floods exchanges with billions in ONE appeared first on CryptoSlate.

Markets are quiet ahead of the July inflation print, with bitcoin little changed, oil near $90 and Harmony nursing a fresh exploit.

Harmony is working with exchanges to freeze funds and is preparing a patch after claims that 2.8 billion unauthorized ONE hit trading platforms. Harmony is considering rolling back its blockchain after claims that an attacker exploited the network to mint nearly 4 billion ONE tokens, equivalent to about 26% of the token’s supply. On Tuesday, Harmony said it was working with exchanges to stop and freeze funds. The layer-1 blockchain said it was preparing a patch and evaluating rollback options. It did not confirm the cause, the number of tokens created or the amount sent to exchanges.  Cointelegraph contacted Harmony for comment but had not received a response by publication.  Read more

Harmony said in Asian morning hours it is working with exchanges to freeze funds and preparing a software fix.