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Harmony Protocol Structures Plan To Retrieve Stolen $100M

Harmony Protocol Structures Plan To Retrieve Stolen $100M

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  • The plan also called for a hard branch of the Harmony network.
  • Harmony considered compensating victims of the hack with the protocol’s original token.

The developers of the Harmony protocol have come up with a new plan. To recover $100 million in stolen property from the Horizon Bridge in June.

At first, Harmony considered replacing the victims of the hack with the protocol’s original token, ONE. Which would have required billions more tokens. In order to increase the number of ONE tokens, the plan also required a hard branch of the Harmony network.

Harmony’s team originally intended to use the foundation’s funds to compensate users of the service. But after receiving a flood of negative feedback, they abandoned this idea in favor of another.

According to the developers, “with 0% hit”, the foundation of the Harmony blockchain is now a priority “after listening to our validators and community”.

Harmony stated in a Medium post:

“We propose not to mint any more ONE tokens or change our tokenomics with a hard fork of the protocol. Instead, we propose to use our coffers for both recovery and development.”

Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) were among the cryptocurrencies that were stolen and later exchanged for Ethereum, totaling more than $100 million.

The team added:

“Committed to building Harmony over many years to leverage our chain’s unique scaling benefits through unified sharding and realize our long-term vision of network adoption and ecosystem growth.”

Harmony has promised a more comprehensive update describing ways to effectively use the funds earmarked for recovery “in the coming days.” On June 24, Harmony unveiled the Horizon bridge attack, which aims to address the “blockchain trilemma” by striking a balance between scalability, security and decentralization.

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