EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Crypto News

Harmony Announces Update on Horizon Bridge Attack Recovery Plan

Admin by Admin
September 23, 2022
in Crypto News
0
Harmony gives update on recovery plan
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
MMC MMC

Harmony protocol has updated its community and partners on the Horizon Bridge recovery plan after its $100 million hack.

Recall that the blockchain network was hacked in June in which funds were stolen from the Horizon Ethereum bridge.

The hack exploited the Horizon Ethereum Bridge — a cross-chain bridge to migrate assets between the Harmony and Ethereum blockchains. The attackers stole BUSD, USDC, ETH, and WBTC assets worth $100 million, before swapping all tokens to ETH and proceeding to launder the funds.

Harmony offered a $1 million bounty to return the stolen funds, to no avail. Harmony’s core team then proposed a hard fork to mint billions of new Harmony ONE tokens as part of a plan to reimburse hack victims.

Related- Blockchain Firm Reveals Suspected Harmony Hackers

At the time, the core team argued against spending its foundation treasury, saying the funds were for growth and ecosystem plans. The Harmony community appeared unhappy with this proposal on the governance forum, concerned at the inflationary impact of such a mint. The proposal was subsequently withdrawn.

In the new proposal, announced today via a blog post, the Harmony team said that after listening to Harmony’s validators and community. This shared the goal of “preserving the foundation of the Harmony blockchain with 0% minting. It has now proposed to use the foundation treasury for recovery funds.

“We propose not minting more ONE tokens nor changing our tokenomics with a hard fork of the protocol. Instead, we propose deploying our treasury towards both recovery and development.”

Harmony added that in the coming days it would provide a more detailed update outlining the mechanisms to deploy the funds allocated for recovery.

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Harmony
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

EUR/NOK Resumes the Upside and Revisits 10.2500

Next Post

GBP/USD Slumps to Fresh Multi-decade Lows Below 1.1050

Admin

Admin

Next Post
GBP USD pair update

GBP/USD Slumps to Fresh Multi-decade Lows Below 1.1050

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
FTX seeks to recover political donations made by Sam Bankman-Fried

FTX Seeks To Recover Political Donations Made By Sam Bankman Fried

February 6, 2023
Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

February 6, 2023
Crypto Trading Volume Rises By 25.9% Due To Whale Moves

Crypto Trading Volume Rises By 25.9% Due To Whale Moves

February 6, 2023
Hackers Stole $3.8 Billion From Crypto Firms

Hackers Stole $3.8 Billion From Crypto Firms

February 6, 2023

Recent News

FTX seeks to recover political donations made by Sam Bankman-Fried

FTX Seeks To Recover Political Donations Made By Sam Bankman Fried

February 6, 2023
Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

February 6, 2023
Crypto Trading Volume Rises By 25.9% Due To Whale Moves

Crypto Trading Volume Rises By 25.9% Due To Whale Moves

February 6, 2023
Hackers Stole $3.8 Billion From Crypto Firms

Hackers Stole $3.8 Billion From Crypto Firms

February 6, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

FTX seeks to recover political donations made by Sam Bankman-Fried

FTX Seeks To Recover Political Donations Made By Sam Bankman Fried

February 6, 2023
Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

Bulgarian Businessman Loses Half a Million Dollars to Call Center Crypto Fraud

February 6, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>