Harmony has refused to issue billions of ONE tokens to cover losses

Harmony blockchain developers have changed their plan to give users their money back. Which were stolen in Horizon blockchain bridge hack.

The Harmony network team has abandoned its plan to issue billions of ONE tokens to reimburse customers. Who were affected by the Horizon blockchain bridge hack, according to the platform’s blog. This proposal was put to a vote. As a result, it became clear that this community did not support this plan.

In late June, a hacker hacked Horizon Bridge. Which allowed transferring tokens between the Harmony blockchain and other networks. He then stole about $100 million worth of cryptocurrency. That incident led to the loss of 14 different types of digital assets on about 65,000 wallets.

The Harmony proposal included a monthly refund to customers in ONE tokens for three years and a hardfork. Two upgrade options were put before their community for evaluation. The first option is 100% compensation with an issue of 4.97 billion ONE. And second option is 50% compensation with issue of 2.48 billion coins

Instead, developers propose to use project treasury for reconstruction. And also for development of this project. A detailed description of how Harmony will develop mechanisms for the effective use of funds. Which are allocated for recovery, will be published separately.

Our experts say that in late June, a few days after they stole assets Harmony developers announced a reward of $ 1 million for recovery money. Then later, rewards were increased to $10 million.