The project’s founder Stephen Tse promised that the developers would revise the proposal based on user feedback

Harmony network’s community rejects compensation plan for hacking

29.07.2022 - 15:10

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2 min

What’s new? The Harmony network’s community did not support the team’s plan to reimburse customers affected by the June 24 Horizon cross-chain hack. The initiative contained two options for conducting a hard fork to issue additional native tokens ONE. Payouts were supposed to be made monthly for three years. The project’s founder and CEO Stephen Tse promised that the developers would revise the plan based on suggestions and feedback from the network’s users.

What is going on with Harmony? The Horizon hack resulted in hackers withdrawing $100 million in cryptocurrency. On June 26, developers of Harmony offered the attackers $1 million for the return of the remaining funds and information about the exploit, later increasing the reward to $10 million with a return deadline of July 4, adding that in this case, they would oppose criminal prosecution. On June 28, Harmony said that it was cooperating with the FBI and analytics companies to investigate the hack.

In June, analysts at Elliptic accused the North Korean hacker group Lazarus Group of hacking Horizon. They pointed out that the specifics of the exploit and the laundering of stolen funds through the transaction mixer were similar to other incidents in which Lazarus was confirmed to be involved.

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