The Harmony protocol has been getting some flak because the firm revealed a tough-fork plan that may 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 had been requested to vote on different options to their safety breach after Harmony grew to become silent for almost a month.
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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 neighborhood reacted negatively to this, with the bulk expressing issues that the asset would bear inflationary squeeze and shed worth on account of the huge issuance of the minted tokens.
According to Harmony, its group of engineers and analysts have labored around the clock to “brainstorm and develop paths” with a purpose to compensate anybody affected by the current incident.
Meanwhile, the Harmony group is looking for extra neighborhood suggestions earlier than going ahead. However, first reactions seem like overwhelmingly unfavorable, with the majority of feedback on the neighborhood web site and social media expressing grave worries concerning the notions.
The reimbursement proposal is posted and accessible for suggestions. We encourage the #HarmonyONE neighborhood to learn and interact in dialog with one another and the core group.
Thank you in your endurance as we work to maneuver ahead collectively as ONE.
Link: https://t.co/9q7dlSrAvW
— Harmony ???? (@harmonyprotocol) July 27, 2022
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Losses To Global Hacking To Hit $10 Trillion By 2025
Cybersecurity Ventures anticipates that the worldwide value of cybercrime would improve by 15 % yearly over the following 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 throughout the first quarter alone.
ETH complete market cap at $180 billion on the day by day chart | Source: TradingView.com
Featured picture from USA Today, chart from TradingView.com
