The most thorough way to resolve a security crisis turned out to be shutting down your own mainnet directly.
Binance has already issued a warning: the hacker has somehow created an additional 4 billion ONE tokens out of thin air. Faced with this unprecedented inflation, the official side didn’t hard-fork to patch the problem. Instead, they completely shut down their own L1 network and downgraded the tokens into ERC-20 assets on Ethereum.
Degenerating from an independent chain into a parasitic token is tantamount to dismantling the most core valuation support structure yourself. With billions of newly minted sellable tokens hanging overhead at any moment, yet the underlying network sovereignty has also been lost, this kind of asset can’t even find a reason to justify a rebound.
#ONE
Binance has already issued a warning: the hacker has somehow created an additional 4 billion ONE tokens out of thin air. Faced with this unprecedented inflation, the official side didn’t hard-fork to patch the problem. Instead, they completely shut down their own L1 network and downgraded the tokens into ERC-20 assets on Ethereum.
Degenerating from an independent chain into a parasitic token is tantamount to dismantling the most core valuation support structure yourself. With billions of newly minted sellable tokens hanging overhead at any moment, yet the underlying network sovereignty has also been lost, this kind of asset can’t even find a reason to justify a rebound.
#ONE