cryptocurrency

Harmony Protocol Structures Plan to Recover $100 Million Stolen

  • The plan also called for a hard fork for Harmony’s network.
  • Harmony has considered compensating the victims of the breach with the protocol’s original code.

Program developers Harmony Protocol They made a new plan. in order to recover $100 million in assets stolen from Horizon Bridge in June.

Initially, Harmony considered compensating the victims of the hack with the protocol’s original token, ONE. Which would have required more billions of tokens to be minted. To increase the number of single tokens, the plan also calls for a hard fork of the Harmony network.

The Harmony team originally intended to use the Foundation’s funds to compensate users of the service. But after receiving a torrent of negative feedback, they scrapped that idea in favor of another.

According to the developers, “0% BSC”, the foundation of the Harmony blockchain is now a priority after “listening to our auditors and the community.”

He mentioned harmony in a post on Al Waseet:

“We suggest that we do not mint any more tokens or change our tokens with a flat of the protocol. Instead, we suggest deploying our treasury for recovery and development.”

Ethereum encapsulated (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) were among the stolen cryptocurrencies that were later exchanged for Ethereumtotaling more than $100 million.

The team added:

“We are committed to building Harmony for many years, taking advantage of the unique expansion benefits of our chain of regular segmentation and achieving our long-term vision for network adoption and ecosystem growth.”

Harmony promised a more comprehensive update describing ways to effectively use the funds provided for redemption “in the coming days.” On June 24, the Horizon bridge attack was revealed by Harmony, a company that aims to tackle the “blockchain trilemma” by striking a balance between scalability, security, and decentralization.

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