Harmony Dangles 2 Billion Tokens To Pay Back Hack Victims – Who Aren’t Happy With Plan


The Concord protocol has been getting some flak for the reason that firm revealed a hard-fork plan that may generate roughly 5 billion of its native tokens to compensate the victims of the $100 million Horizon Bridge hack that occurred final month.

Proposal for compensating these affected by the compromise of the Concord Protocol cross-chain bridge has been laid down by the Layer 1 staff weeks after the theft of about $100 million in Ether.

Neighborhood members had been requested to vote on various options to their safety breach after Concord turned silent for almost a month.

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Concord Has Come Up With Two Choices:

Resolution No. 1 –  A projected one hundred pc clearing with a mint of 4.97 billion ONE tokens, which is equal to a month-to-month issuance of 138 million tokens for 3 years, or round $2.76 million at $0.015 per unit.

Resolution No. 2 –  A projected 50% redemption with a mint of two.48 billion ONE, which is equal to a month-to-month issuance of just about 70 million tokens over three years, or $1.38 million at $0.020 per unit.

This Is What Concord Has To Say About The Proposal:

“In line with the Concord staff, it’s essential for the ecosystem’s basic well being that pockets injury is minimized in a approach that’s each practicable and advantageous for the undertaking.”

Members of the group reacted negatively to this, with the bulk expressing considerations that the asset would bear inflationary squeeze and shed worth because of the huge issuance of the minted tokens.

In line with Concord, its staff of engineers and analysts have labored around the clock to “brainstorm and develop paths” as a way to compensate anybody affected by the latest incident.

In the meantime, the Concord staff is in search of extra group suggestions earlier than going ahead. Nonetheless, first reactions seem like overwhelmingly unfavorable, with the majority of feedback on the group web site and social media expressing grave worries in regards to the notions.

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Losses To International Hacking To Hit $10 Trillion By 2025

Cybersecurity Ventures anticipates that the worldwide value of cybercrime would improve by 15 p.c yearly over the subsequent 5 years, reaching greater than $10 trillion yearly by 2025, up from $3 trillion in 2015.

In line with a brand new evaluation by Atlas VPN, hackers stole roughly $1.3 billion in almost 80 hacking incidents all through the primary quarter of 2022.

Atlas VPN decided, utilizing information given by Slowmist Hacked, that hacks on Ethereum and Solana’s ecosystems brought on greater than $1 billion in losses through the first quarter alone.

ETH complete market cap at $180 billion on the each day chart | Supply: TradingView.com
Featured picture from USA At present, chart from TradingView.com





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