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A potential rollback by Harmony would mean returning the network to a state before the exploit and continuing from that point, effectively removing transactions that occurred afterward from the blockchain’s accepted history. Imagine this as being allowed to undo a chess move that led to checkmate and restart from an earlier, safer position on the board.
That can prevent an attacker from keeping newly created tokens still on the network, but becomes harder once funds have reached exchanges or moved onto other systems. Many in the industry, however, view a rollback as antithetical to blockchain’s core principle of immutability.
The apparent exploit comes a day after Ravencoin, another smaller blockchain built from Bitcoin’s code, faced its own possible rollback after parts of its network accepted invalid blocks.
In that case, miners moved to rebuild the chain from before the flaw, putting several days of transactions at risk of reversal. Ravencoin is separate from Harmony, but the two incidents show the trade-off involved in a rollback – that undoing an attack can also undo legitimate transactions made after it.
Harmony has dealt with unauthorized creation of ONE before.
In December 2023, a bug in its staking system caused about 146.3…
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.
Under Harmony’s published governance rules, elected validators can create proposals, while unelected validators may vote, with voting power based on total stake. Passage requires 51% of total stake weight to participate and 66.7% support after a seven-day introduction and 14-day vote.
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Under the proposal, all ONE balances would be recorded at the network’s final block and new ERC-20 tokens airdropped to the same addresses on Ethereum. The snapshot would cover wallets, staking delegations, validator rewards, smart contracts and centralized exchanges, with no claims required.
However, Harmony said multisig safes, liquidity pools and onchain applications cannot be migrated, urging users…