{"id":478272,"date":"2022-07-27T08:45:39","date_gmt":"2022-07-27T05:45:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/backlash-as-harmony-proposes-minting-4-97b-tokens-to-reimburse-victims\/"},"modified":"2022-07-27T08:45:39","modified_gmt":"2022-07-27T05:45:39","slug":"backlash-as-harmony-proposes-minting-4-97b-tokens-to-reimburse-victims","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/backlash-as-harmony-proposes-minting-4-97b-tokens-to-reimburse-victims\/","title":{"rendered":"# Backlash as Harmony proposes minting 4.97B tokens to reimburse victims"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a9a5b3ffa0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a9a5b3ffa0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/backlash-as-harmony-proposes-minting-4-97b-tokens-to-reimburse-victims\/#%E2%80%9D_Backlash_as_Harmony_proposes_minting_497B_tokens_to_reimburse_victims_%E2%80%9C\" >&#8221; Backlash as Harmony proposes minting 4.97B tokens to reimburse victims &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Backlash_as_Harmony_proposes_minting_497B_tokens_to_reimburse_victims_%E2%80%9C\"><\/span>&#8221; Backlash as Harmony proposes minting 4.97B tokens to reimburse victims &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvY2U0ZTU5MWMtNjNiMC00MzRjLWI3NGUtN2FjNDYzOWM3ZjNmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.\u00a0<\/p>\n<p>The proposal has been met with a significant amount of backlash from members of the community, with many highlighting concerns that such a large issuance of new tokens would result in inflationary pressure on the asset and bring its value down. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This proposal is dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointing. There is no other options. Seems to be either minting more tokens or minting more tokens. If we disagree, there will be no disbursement as per your proposal.<\/p>\n<p>\u2014 night  (@night7576) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/night7576\/status\/1552103407489466368?ref_src=twsrc%5Etfw\">July 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn its\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/talk.harmony.one\/t\/reimbursement-proposal-horizon-incident\/20665\/8\">proposal<\/a>\u00a0on July 26 via the project\u2019s community page, the Harmony team noted that 65,000 wallets across 14 different assets were impacted by the hack and that they have \u201cworked tirelessly to brainstorm and develop paths towards reimbursing\u201d victims. <\/p>\n<p>The Harmony team stated that it could not offer any solution that results in im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te reimbursement given &#8220;the current state of Harmony\u2019s treasury,&#8221; so it offered two options that involve\u00a0minting several billion ONE tokens via a hard fork to the Harmony blockchain, which would be given to victims of the hack.<\/p>\n<p>The first option offered to provide an estimated 100% reimbursement via 4.97 billion new ONE tokens, while the second option estimates a 50% reimbursement with 2.48 billion ONE tokens over a three-year period. <\/p>\n<p>The team is awaiting community feedback before proceeding forward, but initial responses already appear to be overwhelmingly negative, with most comments on the community page or on Twitter voicing strong concerns with the ideas. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I will vote no on this 100%. Its not the answer. Use part of the treasury to refund the providers and get everything is good standing and move forward. The investors and community shouldnt have to pay for it.<\/p>\n<p>\u2014 mcone.one  (@mconecrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mconecrypto\/status\/1552121392082128896?ref_src=twsrc%5Etfw\">July 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The community has also noted that a similar method of recovery was employed by the Terra eco-system following its $40 billion melt down in May.<\/p>\n<p>On the community page, user BSKA wrote \u201cThis is absolutely garbage, scrap the whole proposal and go back to the drawing board Team!\u201d while CJL noted \u201clet me get this straight: no word for weeks [&#8230;] and the proposal you come back with is a LUNA-style hard fork and a 3-year vest?\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Infamous North Korean hacker group identified as suspect for $100M Harmony attack<\/em><\/strong><\/p>\n<p>Community member shwaver suggested this proposal will end up driving builders away from the Harmony eco-system:<\/p>\n<blockquote><p>\u201cYou\u2019ve done this completely backwards. In order to afford repayment, you need to first reestablish a stable ecosystem e.g. repeg or alternative so projects have a reason to build here, people have a reason to make long-term investments, etc.\u201d<\/p><\/blockquote>\n<p>\u201cThis purely inflationary solution does the opposite\u2013creating a financial incentive to sell all ONE now and build elsewhere\u2013while also punting on the repeg,\u201d they added. <\/p>\n<p>In June, the Horizon Bridge to the Harmony layer-1 blockchain was exploited for $100 million.<\/p>\n<p> Later in the month, the team tried to offer a $1 million bounty to the hacker who exploited the bridge to return the funds \u2014 although the strategy seemingly failed.\u00a0<\/p>\n<p>Harmony&#8217;s ONE token is priced at $0.02 at the time of writing, with a total supply of 13.5 billion tokens, according to Coinmarketcap.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/backlash-as-harmony-proposes-minting-4-97b-tokens-to-reimburse-victims\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Backlash as Harmony proposes minting 4.97B tokens to reimburse victims &#8220; The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.\u00a0 The proposal has been met with a significant amount&#8230;<\/p>\n","protected":false},"author":1,"featured_media":478273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvY2U0ZTU5MWMtNjNiMC00MzRjLWI3NGUtN2FjNDYzOWM3ZjNmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,74882,74892,7058],"class_list":["post-478272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-hacks","tag-tokens","tag-community"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=478272"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478272\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/478273"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=478272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=478272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=478272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}