The information on this website is subject to change without notice.

We do not give personalized investment advice or other financial advice. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. ĭisclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies. Despite all of its efforts, the project has failed to identify the hacker or recover the stolen funds. It also offered the hacker a $10 million bounty to return the stolen funds. The project initiated a “ global manhunt ” following the incident, alerting exchanges, law enforcement agencies, and blockchain analysis companies. Harmony’s cross-chain Horizon bridge was exploited for approximately $100 million on June 24 after a hacker reportedly gained access to the bulk of the private keys controlling Harmony’s multi-signature wallet (Harmony did not confirm how the incident occurred). “How should I look at this statement? A threat?” one person replied. “In the event of failure to obtain required validator participation, we will resort to “no reimbursement,” the team said in the proposal. Some community members also didn’t seem to like Harmony’s “take it or leave it” approach. Much of the resentment appears to center on Harmony’s plan to protect its treasury while asking token holders to bear the brunt of the hack under the premise of needing funds to develop the project. One of the most upvoted comments in the thread exclaimed “DO NOT MINT MORE!” and argued that inflating the ONE supply would “screw those who are staking.” Another user complained that they had waited “2 weeks for this shitty proposal & no repeg,” add ing that a hardfork would kill the chain’s already “small chance” of survival. However, the proposal has received overwhelming pushback from the Harmony community.

Harmony foundation is committed to continue supporting Harmony for years to come and plans to reserve the foundation tokens to facilitate this.” “We decided against using the foundation treasury in the interest of the longevity and wellbeing of the project as reimbursing from the treasury would greatly hinder the foundation’s ability to support the growth of Harmony and its ecosystem. Expanding on why it opted for this solution, the Harmony team said: Both choices suggest gradually minting the new tokens over three years to prevent inflating the supply of ONE too quickly. The second option suggests only a partial reimbursement by minting 69 million ONE tokens, which would cover about half of the victim’s total losses at the token’s current price. The first option proposes a 100% reimbursement by minting 4.97 billion ONE tokens, roughly enough to make all affected users whole based on ONE’s current $0.20 market price.

Harmony bear