Harmony Plans to Mint billions of New ONE Tokens for Reimbursement

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Harmony is readying a hard fork to mint billions of caller harmony (ONE) tokens to reimburse victims of its span hack past month.


Harmony, a proof-of-stake (PoS) blockchain, uses ONE token arsenic the autochthonal plus to wage for transaction fees connected the network. The blockchain claims to beryllium faster and cheaper than Ethereum.

In June, $100 cardinal worthy of crypto assets were stolen by a hacker. The assets were kept securely connected the Harmony-run Horizon span connected Ethereum.

Victims of the hack person been asking for a refund since the hack.

According to The Block, the squad suggested to the assemblage connected Wednesday to fork the Harmony web and mint a caller proviso of tokens to initiate the reimbursement process. “This connection volition necessitate a hard fork of the Harmony blockchain arsenic it volition summation the proviso of ONE token,” the connection stated.

The assemblage was fixed 2 options to determine however galore tokens to mint:

The archetypal enactment is to mint 2.48 cardinal ONE tokens ($49.6 million), which the squad claimed would beryllium capable for 50% compensation to victims astatine the existent marketplace terms of $0.02 per ONE token.

The 2nd prime is to mint 4.97 cardinal ONE tokens ($99 million), capable for afloat compensation to victims.

However, the assemblage is reportedly dissatisfied with the proposal, concerning the terms of the token would beryllium undermined if the full proviso of token increase. Currently, the full proviso of the token successful the protocol is astir 13.1 cardinal units. The proviso mightiness beryllium accrued betwixt 19% and 38 % if the connection is approved, according to the report.

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