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Hack Horizon: ONE tokens issued to compensate victims

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The project Harmony proposes to issue ONE tokens for refund the victims of the hacking d’Horizon. Near 100 million dollars was stolen from its inter-chain bridge in June.

In an announcement released overnight, the developers of the Harmony blockchain network said they have been working “tirelessly” to find solutions for compensate those who lost funds in the Horizon hack.

Repayment will be in the form of ONE tokens and will be spread over a period of three years […] This proposal will require a hard fork of the Harmony blockchain as it will increase ONE’s offering,” they explained.

In late June, the Horizon inter-chain bridge was hacked allowing hackers to siphon off more 60,000 wallets and to steal for 99.3 million dollars in cryptocurrencies, including $41.2 million in USDC.

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Specifically, the developers propose 2 options. The first “an estimated 100% payback with an issuance of 4.97 billion ONEs, equivalent to a 3-year monthly issuance of 138 million tokens ($2.76 million using the $0.020 token price).” The second “an estimated 50% repayment with an issue of 2.48 billion ONE”.

A snapshot consultation will be launched from August 1 to 15 and will allow to vote for one of the two proposals.

If an impacted wallet lost $1,000 due to the hack, that wallet will receive a total of 50,000 ONE tokens; 1,388.8 tokens distributed monthly for three years. The price of ONE will not impact this number – the user will continue to receive a total of 50,000 ONEs regardless of the price of the token,” the developers give as an example.

Most recently, blockchain analytics firm Elliptic attributed the Horizon Bridge hack to Lazarus, a notorious hacker group based in North Korea.

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