Harmony Suggests Paying $100 Million to Hack Victims with ONE Tokens

Harmony’s Horizon bridge was breached at the end of June of this year. Nearly $100 million was stolen in the attack by the culprits. 65,000 wallets and 14 asset categories were impacted by the assault. The Ethereum, Binance Chain, and Bitcoin networks are connected to Harmony through Horizon. The network said that the Bitcoin bridge was secure and unharmed. Refunds Will Be Done In 2 Ways However, the Harmony team has now suggested paying back its customers. Two possibilities were provided by the developers. The first offers a 4.97 billion ONE token issuance, or 138 million tokens every month over a three-year period, with an expected 100 percent reimbursement. The second suggests a roughly 50% refund. Over the same period, 2.48 billion ONE tokens, or 69 million tokens each month, would be produced. The refund amount would not change if the ONE price fell more because both ideas are based on the current token price of 2 U.S. cents. From ONE’s lifetime peak of 37 cents in October 2021, that figure represents a 95 percent decline. According to Harmony, “decentralized financing” is used to describe the uncollectible loans that occurred “across a number of Defi lending protocols” in the Harmony ecosystem as a result of the stolen tokens. Defi Protocols May Stop Supporting Harmony According to the developers, if these uncollectible loans are not resolved, “certain affected Defi protocols” may decide to stop supporting Harmony on the...