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Harmony Protocol Revises Recovery Plan After $100M Horizon Bridge Exploit

Summary:

  • The team has released a revised bridge recovery plan that includes 0% coin minting and vault deployment.
  • Previous plans suggested forking the chain and minting more ONE tokens, but the community voted against such a move.
  • Recovery plans become a hot topic The Harmony community is under attack after the protocol’s Horizon bridge suffered a $100 million hack.
  • On-chain security firm Elliptic has linked massive exploits to North Korean cybercrime group Lazarus.
  • Harmony Protocol Releases First Components of Its Recovery Plan Following Horizon Bridge Exploit of $100M Chain . The new plan comes after the community rejected the original proposal.

    Back in June 2022, hackers drained Ether, then worth about $100 million Horizon Bridge. According to the report, the vulnerability was executed in multiple transactions and took more than 17 hours to complete.

    SimpleFX

    SimpleFX

    On-chain security startup Elliptic blames North Korean cybercrime group for the hack Lazarus.

    The team previously published a proposal to compensate users for their funds. The proposal includes creating a new blockchain via a hard fork and minting billions of ONE, the native token, on the Harmony blockchain.

    However, the community rejected the proposal. The revised strategy on Friday abandoned any plans for a hard fork or the mint. Instead, the team will allocate funds from its Treasury for reimbursement and recovery.

    We recommend not minting more ONE tokens nor changing our token economics using a hard fork of the protocol . Instead, we recommend that our funds be used for recovery and development.

    Today’s post to users and the wider crypto community also reaffirms the team’s commitment to building the Harmony ecosystem. Based on the latest news, a more detailed announcement on the resumption of funding distribution and other deployments by the Treasury is expected to be released.

    Harmony between DeFi protocols targeted by hackers

    According to data from the SlowMist report, crypto hackers have lost more than $1 billion from decentralized finance (DeFi) protocols amid the crypto market downturn. Platforms like Harmony, Ronin, Wormhole, and Wintermute have been used for millions of digital assets.

    Illicit actors also have crypto exchanges on their radar, reportedly stealing over $77 million from platforms where digital assets changed hands.

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