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Harmony unveils new $100 million piracy compensation plan

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

The original plan was to conduct a hard fork and issue the required number of native ONE tokens within three years. The decision offered two options for subsequent issuance:

Reduce exchange fees.
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  • €2.4 billion ONE – 50% damage award;
  • €4.97 billion – for 100%.

However, users almost unanimously opposed the plan because of its possible inflationary effect. Harmony said it had listened to validators and the community, abandoning the idea of additional issuance.

“We propose not to issue any more ONE tokens and not to modify our tokenomics with a hard fork of the protocol. Instead, we propose to use Treasury funds as a refunding [ущерба]and development,” the statement said.

The project team added that it will provide a detailed description of the plan in the near future.

Following the attack on Horizon, the Harmony team offered a $1 million reward for the return of the stolen funds. The amount caused confusion among users, and a crypto trader under the pseudonym Degen Spartan called it “insulting.” As a result, the offer was increased to $10 million.

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Recall that Elliptic experts believe that the hacker group Lazarus, associated with North Korea, could be behind the Horizon attack. It is also believed to be involved in the attack on the Ronin blockchain bridge.

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