Harmony has made a decision to cease printing 1 to compensate consumers right after hacking the Horizon bridge

Blockchain Harmony Protocol (1) shared its most current update on its neighborhood compensation approach following the June 2022 hack.

Notably, the incident started on June 24, 2022, in the midst of a series of cross-chain tasks that have been regularly breached, the Harmony’s Horizon bridge was no exception with an estimated $ a hundred million in harm. On the other hand, there are a lot of reviews that North Korea’s “notorious” hacker group – Lazarus Group is behind this hack.

To restore consumer believe in and credibility of the task, Harmony right away launched a $ one million reward for the Horizon hacker, providing consumers a compensation proposal of four.97 billion 1. However, the clearing course of action calls for Harmony to print extra 1, growing the provide of tokens, which inadvertently puts strain on the long term rate trend of 1. Therefore, the bulk of traders disagreed with the proposal at the time.

However, until finally September 23, 2022, right after very carefully reviewing the community’s remarks, the Harmony crew announced that they would cease implementing the over proposal at this time, that means Harmony will not have a approach to print extra. 1 token and launch a challenging fork.

Instead, the crew will use the project’s money for accident recovery.

“We are committed to building Harmony for many years, to take advantage of the blockchain’s unique scalability advantage that is equally differentiated, realizing Harmony’s long-term vision in network adoption and system development. Green. To do this, we anticipate. to commit our funds to growth, make Harmony the best scalable network possible, and solve problems. “

Finally, Harmony guarantees to deliver a extra in depth update in the coming days and to uncover a mechanism to guarantee the correct deployment of the money allotted to restore misplaced consumers.

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