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Harmony Updates Horizon Bridge Asset Recovery Plan – crypto.news

Harmony Updates Horizon Bridge Asset Recovery Plan – crypto.news

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Harmony released an update on its Horizon Bridge asset recovery proposal on 23 September 2022. The team proposes not to mint any more $ONE tokens or change its tokenomics with the protocol’s hardpoint.

Harmony’s recovery plan

As part of the revitalization plan for its Horizon bridge, a layer 1 blockchain project, Harmony will not mint more tokens or other tokenomics. However, it proposes to use the cash resources to both revive and develop the Harmony ecosystem.

“We propose not to mint 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.” the team stated.

The purpose of the recovery plan update is to direct funds to develop the Harmony blockchain’s unique scaling “advantages” in the form of unified sharding and realize the project’s long-term vision of global network adoption and ecosystem growth.

Harmony emphasized that a long-form message will be released to the community soon, detailing how the project will work with partners to create mechanisms to efficiently use funds allocated for exploitation.

Earlier, Harmony released a proposal to restore the Horizon bridge, which planned to hit its original mark of 4.97 billion, giving affected customers 100% of their lost funds.

The proposal was withdrawn due to overwhelming community backlash. Some members of the community believed that launching such a large number of new tokens would cause inflation, which in turn would put more pressure on asset values. Others believe that Harmony planned to make customers bear some of the losses caused by the hack. It was believed in some quarters that the protocol used the proposal as a trick to force its users to make a negative decision later.

Harmony’s Horizon Bridge Hack

In June 2022, Harmony revealed in a statement that hackers had used Horizon Bridge to exchange $100 million worth of altcoins for Ether stored on the Harmony layer-1 platform blockchain.

The attack lasted for hours and the hackers managed to steal ETH in several transactions, with the first transaction of 4,919 ETH followed by several smaller transactions ranging from 911 to 0.0003 ETH until the operation was shut down.

Desperate to find hackers, Harmony announced a $1 million reward program to recover the stolen funds and later increased the reward to $10 million. The blockchain project also announced that it would not press charges against the hackers if the funds were returned to the protocol. Their pleas to hackers fell on deaf ears as the bad Actors started laundering their loot on several crypto platforms, including the banned Tornado Cash.

This situation with Harmony is one of a series of attacks that have affected the crypto space since the market downturn. Recently, crypto market maker Wintermute suffered a security breach in which hackers made about $160 million.

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