Harmony decided not to print more ONE to compensate users after the Horizon bridge hack

Blockchain Harmony Protocol (ONE) has shared its latest update on its community compensation plan after the June 2022 hack.

Specifically, the incident began on June 24, 2022, in the midst of a series of cross-chain projects that were constantly hacked, Harmony's Horizon bridge was no exception with an estimated damage of 100. million dollars. On the other hand, there are many reports that North Korea's "notorious" hacker group - Lazarus Group is behind this hack.

To restore user trust and project credibility, Harmony immediately launched a reward of 1 million USD for the perpetrator of the Horizon hack, offering a compensation proposal of 4.97 billion ONE to users. However, the compensation process requires Harmony to print more ONE, increasing the token supply, which inadvertently creates pressure on the future price development of ONE. Therefore, the majority of investors did not agree with the proposal at that time.

However, until September 23, 2022, after carefully reviewing comments from the community, the Harmony team announced that it would stop implementing the above proposal at this time, which means that Harmony will not have a plan. plan to print any more ONE tokens and launch a hard fork.

Instead, the team will use the project's own funds for incident recovery.

“We are committed to building Harmony over many years, to take advantage of blockchain's unique scaling advantage that is equally differentiated, realizing Harmony's long-term vision in network adoption and system development. Ecological. To do this, we plan to commit our funds to growth, make Harmony the best scaling network possible, and resolve issues.”

Finally, Harmony promises to provide a more detailed update in the coming days and find a mechanism to ensure the correct deployment of the funds allocated to restore the lost users.

FoxCryptoNews summary

Sep 26, 2022