Harmony unveils its new user recovery plan

The developers refused to issue additional ONE native tokens

23.09.2022 - 13:25

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2 min

What’s new? The Harmony network team has unveiled a new recovery plan for customers affected by the June 24 Horizon cross-chain hack. Previously, the developers had offered two options for conducting a hard fork to issue additional ONE native tokens. However, the Harmony communitydid not support this plan. According to a statement, the team refused to issue additional ONE tokens, and the project’s treasury will be used for reimbursement.

Harmony Blog

What is going on with Harmony? Hackers withdrew $100 million in cryptocurrency as a result of the Horizon hack. On June 26, the 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 refund period until July 4, adding that they would oppose criminal prosecution if they did so. On June 28, Harmony said it was working with the FBI and analytics companies to investigate the hack.

Harmony is a Layer 1 (L1) network built on the Ethereum ecosystem. According to the developers, their network performs transactions in 2 seconds and fees are several times lower than in the main blockchain. Horizon cross-chain bridge provides a link between Ethereum, Binance Smart Chain, and Bitcoin networks. As of September 23, 12:25 UTC, ONE is trading at $0,01929, having lost 1,53% in 24 hours, according to Binance.

In June, analysts at Elliptic accused the North Korean hacker group Lazarus of hacking Horizon. They pointed out that the specifics of the exploit and 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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