Harmony Introduces a New $100M Hack Compensation Plan

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The team behind the blockchain project Harmony has unveiled a new plan to compensate victims of the $100M hack of the cross-chain bridge Horizon.

The original plan was to conduct a hard fork and issue the required amount of native ONE tokens within three years. The decision provided for two options for additional emission: 2.4 billion ONE as compensation for 50% of the damage and 4.97 billion ONE for 100%.

However, the users almost unanimously opposed the plan due to the potential inflationary effect. Harmony has said they listened to the validators and the community, abandoning the idea of ​​​​an additional emission.

The project devs have said:

“We propose not to issue more ONE tokens and not change our tokenomics with a protocol hard fork. Instead, we propose to use Treasury funds for both reparation damages and development.”

Louis Adams https://www.satoshihodler.com

I am an experienced crypto news writer. I have been in the industry for many years and believe this tech can bring financial freedom to everyone.