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Harmony Publishes Revamped Horizon Bridge Recovery Plan

Harmony Publishes Revamped Horizon Bridge Recovery Plan

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The team behind the Harmony protocol has come up with a new proposal to recover assets lost in the $100 million Horizon Bridge hacking attack in June of this year.

Harmony originally proposed to compensate victims of the hack with the protocol’s original ONE token, which would have required billions to be minted on top of the supply already in circulation. The proposal also required a hard fork To increase the supply of ONE tokens on the Harmony blockchain.

However, after an overwhelming negative reaction from the community, the Harmony team canceled the plan and presented an alternative way to compensate users who saw it using the foundation’s coffers.

According to the team, “listening to our validators and our community,” the goal now is to maintain the foundation of the Harmony blockchain with “0% strikes.”

“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 funds for both recovery and development,” Harmony said in a Medium post.

The team added that it is “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 said it would issue a more detailed update outlining mechanisms to effectively deploy recovery funds “in the coming days.”

Horizon Bridge Hack

Harmony, tasked with solving the ongoing “blockchain triangle” balances scalability with security and decentralization, was revealed Horizon bridge hack June 24th.

The attack resulted in the theft of approximately $100 million in various cryptocurrencies, including Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC), which the hackers exchanged. Ethereum.

The cross-chain Horizon Bridge feature allows crypto holders to transfer assets between Harmony’s network and the Ethereum network, Binance chain and Bitcoin.

Despite the team offering a $1 million reward for information leading to the recovery of the stolen funds, security researchers later revealed that hackers had begun laundering the stolen funds through the now-closed Ethereum mixing service Tornado Cash.

Blockchain analytics firm Elliptic also released a report on the attack, stating that the way the funds were stolen and later laundered pointed to the involvement of the Lazarus Group, a notorious North Korean cybercriminal organization.

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