Harmony Announces New $100M Reimbursement Plan

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The Harmony One project team has informed users about a new plan to compensate for $100 million in assets stolen in June as a result of a hacker attack on Horizon Bridge.

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Initially, Harmony planned to recoup the losses by issuing additional ONE tokens. The new compensation plan provides for an alternative option to cover losses through the use of Treasury funds. Harmony added that a more detailed description of the mechanisms for using funds for reimbursement will be published in the coming days.

“We propose not to issue more ONE tokens and not change our tokenomics with a hard fork. Instead, we propose to direct our treasury to both the restoration and development of the project,” said the Harmony team.

Recall that a hacker attack on the Horizon Bridge occurred in June. Almost $10 million in USDT, more than $41 million in USDC, $5.5 million in BUSD and about 6 million in DAI were stolen at that time. The attackers also managed to steal 592 wBTC, 415,000 SUSHI and 43 wETH. After receiving the funds, the hackers began to exchange crypto assets through the Uniswap decentralized exchange.

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Source: Bits

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