everyone thinks an l1 can just survive infinite exploits if the community stays loyal, but actually there is a hard ceiling where defending a broken network just isn't worth the burn anymore. most people hold through exploit after exploit hoping for a magical recovery, only to wake up one morning holding dead bags after the devs literally throw in the towel.
take a look at the $ONE saga ser. first they got hit by the lazarus group for $100m on the horizon bridge back in 2022, followed by a minting bug in 2023. the final nail in the coffin was an exploit where attackers minted roughly 2.4 trillion unauthorized tokens out of thin air.
now the team is shutting down the chain completely because defending it isn't sustainable, moving remaining holders over to $ETH via a snapshot airdrop. ngl, seeing an entire chain capitulate after years of security holes is a brutal reminder that tokenomics mean nothing if your base layer is compromised.
where do you think projects should draw the line between fixing exploits and just pulling the plug?
#CryptoSecurity #Harmony #Altcoins
take a look at the $ONE saga ser. first they got hit by the lazarus group for $100m on the horizon bridge back in 2022, followed by a minting bug in 2023. the final nail in the coffin was an exploit where attackers minted roughly 2.4 trillion unauthorized tokens out of thin air.
now the team is shutting down the chain completely because defending it isn't sustainable, moving remaining holders over to $ETH via a snapshot airdrop. ngl, seeing an entire chain capitulate after years of security holes is a brutal reminder that tokenomics mean nothing if your base layer is compromised.
where do you think projects should draw the line between fixing exploits and just pulling the plug?
#CryptoSecurity #Harmony #Altcoins
