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Harmony proposed mint 4.97 billion ONE compensation

Harmony Protocol proposes compensation of ONE 4.97 billion to victims of the June Horizon bridge attack that caused up to 100 million USD in damages.

In the proposal posted this morning, Harmony said the hack significantly affected 65,000 wallets holding more than 14 different assets. The project has been brainstorming day and night to find a way to compensate the victim’s core adequately.

Harmony stated that it is impossible to refund immediately due to the current “financial situation.” Hence, they suggested two options: minting a few billion more ONE through a har4d fork and paying in 3 installments.

The above proposal has been met with a rain of criticism from members of the community, many of whom are concerned that the massive issuance of new tokens will lead to inflationary pressures on the assets and reduce the value of ONE.

“This proposal is disappointing. There is no other choice. He seems to be minting more tokens. If we do not agree, there will be no disbursement of your proposal.”

“I 100% vote no. This is not the answer. Using part of the treasury is not the way.”

As reported, on the morning of June 24, Harmony’s Horizon cross-chain bridge was broken into and $100 million stolen. Two days later, the project offered a reward of 1 million USD and promised not to prosecute if the hacker returned the money, but it seemed their bait was not “delicious” enough to shake the attackers.