Harmony announces update on Horizon Bridge attack recovery plan

Harmony protocol updated its community and partners on the Horizon Bridge recovery plan after its $100 million hack in June. The post Harmony announces update on Horizon Bridge attack recovery plan appeared first on The Block.

Timeline of Harmony

Not long ago, Harmony – a crypto exchange based in northern California – was the victim of a cyberattack that ultimately resulted in more than $100 million in digital currency funds being stolen.

Blockchain-based game DeFi Kingdoms (DFK) has found a new home for the Serendale-based part of its game on the metaverse-focused blockchain Klaytn. The post DeFi Kingdoms to leave Harmony for metaverse-focused blockchain appeared first on The Block.

The price of Harmony (ONE) has shown bullish signs and could be set for a major run against Tether (USDT) as it eyes $0.04.  Ethereum price rallied with so much strength from a region of $1,670 to $1,924 ahead of Ethereum merge.

In order to reimburse the victims of the Horizon bridge hack that saw around USD 100m of user funds stolen, Layer-1 blockchain Harmony has proposed to mint billions of its ONE tokens. Harmony would have to hard fork and increase the supply of ONE to mint new tokens.

Harmony founder, Stephen Tse, has responded to community concerns over the recent reimbursement proposal involving the minting billions of ONE. Mr. Tse states that he has noted the community's suggestions and met with the team to discuss a way forward.

The team behind the Harmony protocol has announced a potential reimbursement plan for victims of the Horizon bridge hack that includes minting over 2 billion ONE tokens. The post Harmony (ONE) Proposes Minting New Tokens to Reimburse Hack Victims appeared first on BeInCrypto.

The Harmony Protocol team has proposed a reimbursement plan that involves hard-forking the chain. The plan involves two options: minting 4.97 billion ONE for full reimbursement or 2.48 billion ONE for 50% reimbursement.

Developers behind blockchain network Harmony have proposed minting up to 4.97 billion in its native token ONE to compensate victims of the $100 million Horizon Bridge exploit in June.

Harmony offered to reimburse the hack victims by minting new tokens but the community is seemingly not happy about the proposal. Why is that, we find out today in our cryptocurrency news.

Harmony's core team has proposed a hard fork to mint billions of new harmony (ONE) tokens. But its community seems to be against the idea. The post Harmony proposes minting billions of ONE tokens to pay back hack victims appeared first on The Block.