Harmony (ONE) will update its recovery plan after the Horizon Bridge attack in the past.
The Horizon Bridge was used to transfer the cryptocurrencies seized in the attack in June to the Ethereum network. Approximately $100 million in funds were lost after the attack. Horizon Bridge is referred to as an algorithm for bridging the Harmony and Ethereum networks.
Harmony Listens to Community for Horizon Bridge Plan
After the attack on his network, he proposed various methods to recover funds belonging to his investors and strengthen the network again. His plans included billions of dollars of ONE supply printing, with the sole purpose of recovering investor assets. However, Harmony, who left every transaction to be carried out on the network to the community’s decision, could not get the supply multiplication plan to be accepted by the community.
As a result of the survey, the majority of the community suggested that printing supply as a method of recovering assets and strengthening the network does not make sense. The core team, which acted as validator in the Harmony network, also agreed with the community.
Announcing a stronger plan, Harmony underlined that they will not print more tokens. In the new plan, she announced that she will use her treasure to strengthen the bridge and save her community’s assets.
Harmony announced the new plan as follows;
“We recommend not to issue any more ONE tokens or hard fork the protocols of our network. Instead, we propose to direct our treasury towards both recovery and development.”
The company announced its new recovery plan on Twitter. Underlining that by using the assets in the treasury, Harmony will compensate for the loss of the community, and aims to create a better network structure. More information on the plan and schedule will be released in the coming days.
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