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    Harmony Dangles 2 Billion Tokens To Pay Back Hack Victims – Who Aren’t Happy With Plan


    The Harmony protocol has been getting some flak because the firm revealed a tough-fork plan that can generate roughly 5 billion of its native tokens to compensate the victims of the $100 million Horizon Bridge hack that occurred final month.

    Proposal for compensating these affected by the compromise of the Harmony Protocol cross-chain bridge has been laid down by the Layer 1 group weeks after the theft of about $100 million in Ether.

    Community members have been requested to vote on different options to their safety breach after Harmony grew to become silent for almost a month.

    Related Reading | Crypto Market Takes Another Beating, Dropping Under $1 Trillion As Major Coins Flatline

    Harmony Has Come Up With Two Options:

    Solution No. 1 –  A projected one hundred pc clearing with a mint of 4.97 billion ONE tokens, which is equal to a month-to-month issuance of 138 million tokens for 3 years, or round $2.76 million at $0.015 per unit.

    Solution No. 2 –  A projected 50% redemption with a mint of 2.48 billion ONE, which is equal to a month-to-month issuance of virtually 70 million tokens over three years, or $1.38 million at $0.020 per unit.

     

    This Is What Harmony Has To Say About The Proposal:

    “According to the Harmony team, it is crucial for the ecosystem’s general health that wallet damage is minimized in a way that is both practicable and advantageous for the project.”

    Members of the group reacted negatively to this, with the bulk expressing issues that the asset would endure inflationary squeeze shed worth because of the large issuance of the minted tokens.

    According to Harmony, its group of engineers and analysts have labored around the clock to “brainstorm and develop paths” as a way to compensate anybody affected by the current incident.

    Meanwhile, the Harmony group is looking for further group suggestions earlier than going ahead. However, first reactions look like overwhelmingly unfavorable, with the majority of feedback on the group web site and social media expressing grave worries in regards to the notions.

    ETH complete market cap at $180 billion on the day by day chart | Source: TradingView.com

    Related Reading | (*2*)

    Losses To Global Hacking To Hit $10 Trillion By 2025

    Cybersecurity Ventures anticipates that the worldwide price of cybercrime would improve by 15 % yearly over the subsequent 5 years, reaching greater than $10 trillion yearly by 2025, up from $3 trillion in 2015.

    According to a brand new evaluation by Atlas VPN, hackers stole roughly $1.3 billion in almost 80 hacking incidents all through the primary quarter of 2022.

    Atlas VPN decided, utilizing information given by Slowmist Hacked, that hacks on Ethereum and Solana’s ecosystems brought about greater than $1 billion in losses in the course of the first quarter alone.

    Featured picture from USA Today, chart from TradingView.com





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