20.6 C
New York
Sunday, September 25, 2022

    Don't miss

    Harmony Protocol announces update on hacked bridge recovery plan

    - Advertisement -
    The team’s initial proposal harmony was not received by the community. (Image: Pixabay/addlajutt172)

    The protocol team harmony announced an update to the community and partners regarding the proposed asset recovery, seeking to preserve the blockchain of the protocol, after the Horizon bridge was hacked in $100 million in June.

    harmony is a network that uses the Effective Proof-of-Stake (EPoS) mechanism, with a cross-chain model that aims to become the main first-tier bridge across all blockchains.

    - Advertisement -

    The Hack Targeted Horizon – Bridge Between Blockchains That Migrates Assets Between Networks harmony and Ethereum (ETH). You hackers stole $100 million worth of BUSD, USDC, ETH and WBTC, before converting all tokens to ETH and proceeding with laundering the funds.

    harmony offered a $1 million reward for the return of stolen funds, but to no avail. The core team of harmony proposed a drastic fork (“hard fork”) to issue billions of new tokens ONE, native of harmonyas part of the plan to compensate victims of the attack.

    - Advertisement -

    At the time, the core team of harmony argued against using the foundation’s treasury, saying the funds were earmarked for ecosystem and growth plans.

    the community of harmony did not seem happy with the proposal in the governance forum, worried about the inflationary impact of such a token issuance. The proposal to issue ONE tokens was later dropped.

    Harmony’s New Proposal

    In the new proposal, announced today in a blog post, the harmony said that, after listening to the protocol community and validators, he shared the goal of “preserving the foundation of the blockchain harmony with zero issuance of tokens” and has now proposed using the foundation’s treasury to reimburse the funds.

    “We propose not to issue new ONE tokens nor change our tokeeconomy with a hard fork of the protocol, we propose to use our treasure for both recovery and development.”

    harmony added that it will provide, in the coming days, a more detailed update of the mechanisms for using the funds allocated for recovery.

    Follow Crypto Times on Instagram!

    Stay on top of everything that happens in the crypto universe in a simple and practical way! Every day content filled with images, videos and lots of interaction. From the main news in Brazil and in the world to the current discussions. You will have access to the world of cryptocurrencies, decentralized finance (DeFi), NFTs, Web 3.0 and much more. The crypto universe is ageless, it’s for you! Connect with Crypto Times! Follow our profile on Instagram now!


    O money times publishes informative articles of a journalistic nature. This publication does not constitute an investment recommendation.

    Source: Moneytimes

    - Advertisement -

    Latest Posts