Backlash as Harmony offers to mint 4.97 billion tokens to pay back victims
According to the proposal, there would be either a 100% refund via 4.97 billion new ONE tokens or a 50% refund with 2.48 billion ONE tokens.
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The team behind blockchain project Harmony has offered to mint up to $4.97 billion from its native token ONE to compensate victims of June's $100 million Horizon Bridge hack .
The proposal was met with a significant amount of backlash from community members, with many highlighting concerns that such a new token issuance would cause inflationary pressure on the asset and depress its value.
This proposal is disappointing. There are no other options. It seems to either hit more chips or hit more chips. If we do not agree, no disbursement will be made in accordance with your proposal.
— night (@night7576) July 27, 2022In its submission on Tuesday via the project's community page, the Harmony team noted that 65,000 wallets across 14 different assets were impacted by the hack and that they "worked tirelessly to reflect and develop means of reimbursing" the victims.
Harmony's team said they couldn't offer any solution that would result in an immediate refund given "Harmony's current cash position", so they offered two options which involve minting multiple ...
According to the proposal, there would be either a 100% refund via 4.97 billion new ONE tokens or a 50% refund with 2.48 billion ONE tokens.
New
The team behind blockchain project Harmony has offered to mint up to $4.97 billion from its native token ONE to compensate victims of June's $100 million Horizon Bridge hack .
The proposal was met with a significant amount of backlash from community members, with many highlighting concerns that such a new token issuance would cause inflationary pressure on the asset and depress its value.
This proposal is disappointing. There are no other options. It seems to either hit more chips or hit more chips. If we do not agree, no disbursement will be made in accordance with your proposal.
— night (@night7576) July 27, 2022In its submission on Tuesday via the project's community page, the Harmony team noted that 65,000 wallets across 14 different assets were impacted by the hack and that they "worked tirelessly to reflect and develop means of reimbursing" the victims.
Harmony's team said they couldn't offer any solution that would result in an immediate refund given "Harmony's current cash position", so they offered two options which involve minting multiple ...
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