Harmony blockchain project founder Steven Tse said the team will reconsider a $100 million bid to compensate Horizon cross-chain bridge hack victims by issuing additional native ONE tokens.
#UyumONE founder Stephen Tse provided the community with a response and next steps regarding the final proposal.
“From your suggestions and feedback above, we will create additional offers and opportunities for everyone to be involved.”
More 👇https://t.co/GytUpuM4WJ
— Harmony 💙 (@harmonyprotocol) 28 July 2022
Initially, the developers suggested doing a hard fork to compensate for the damage and releasing the required amount of ONE within three years. Plan provided for two options for additional emission:
- 2.4 billion ONE – compensation for 50% of the damage;
- 4.97 billion ONE – for 100%.
At the same time, the team noted that the Treasury funds were not sufficient for repayment and they did not plan to spend it for this purpose.
The proposal states, “We chose not to use the Foundation’s treasury for the longevity and well-being of the project, as recovering these funds would greatly hinder the structure’s ability to support the growth of Harmony and its ecosystem.”
The plan received an almost unanimous reaction from users. The majority pointed to its inflationary nature, which would lead to the “blurring” of prices. Some have pointed out that this will hit large ONE owners the most.
His refusal to use treasury funds was also not met with understanding among users.
“Now all you have to do is say something like, ‘After careful consideration and community feedback, we WILL NOT PROGRESS with the proposal.’ And you need to do it as soon as possible,” one of the commenters told the team.
Hey @harmonyprotocol,
Now all you have to do is say something like “after careful consideration and feedback”. one dollar community, we will not proceed with the proposal”.
You should do this as soon as possible. 🤝
— Paco 💙 (@PacoG2021) 27 July 2022
Voting on the proposal ends on August 3. However, a day after the discussion opened up, the project’s founder said the team was “back to the table” to develop other options.
“Based on your feedback, we will create additional offers and opportunities for anyone who can participate in this process. I ask you to wait for the next few days as we work with the team. We’ll be back with new information. I sincerely understand your frustration with the current offer. We hope our next steps will bring more options and clarity for community discussion,” Tse wrote.
After the Horizon attack, the Harmony team offered a $1 million reward for the return of the stolen funds. The size of the reward caused confusion among users, with a crypto trader under the pseudonym Degen Spartan calling it a “humiliating amount”. As a result, the bid was raised to $10 million.
3/ Our FINAL requirement: Get your hands on the $10 million and return the remaining stolen amount. In return, Harmony will stop her investigation.
— Harmony 💙 (@harmonyprotocol) 30 June 2022
Recall that elliptical experts believe that the hacker group Lazarus, linked to North Korea, may have been behind the attack on Horizon. It is also alleged that the Ronin blockchain was involved in the attack on the cross-chain bridge.
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