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The Harmony protocol has been getting some flak for the reason that firm revealed a tough-fork plan that can 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 Harmony Protocol cross-chain bridge has been laid down by the Layer 1 workforce weeks after the theft of about $100 million in Ether.

Community members have been requested to vote on various options to their safety breach after Harmony turned silent for practically a month.

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Harmony Has Come Up With Two Options:

Solution No. 1 –  A projected 100% 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.

Solution No. 2 –  A projected 50% redemption with a mint of 2.48 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 Harmony Has To Say About The Proposal:

“According to the Harmony team, it is crucial for the ecosystem’s general health that wallet damage is minimized in a way that is both practicable and advantageous for the project.”

Members of the group reacted negatively to this, with the bulk expressing issues that the asset would bear inflationary squeeze and shed worth on account of the large issuance of the minted tokens.

According to Harmony, its workforce of engineers and analysts have labored around the clock to “brainstorm and develop paths” with a view to compensate anybody affected by the current incident.

Meanwhile, the Harmony workforce is looking for extra group suggestions earlier than going ahead. However, 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.

The reimbursement proposal is posted and out there for suggestions. We encourage the #HarmonyONE group to learn and have interaction in dialog with one another and the core workforce.

Thank you on your persistence as we work to maneuver ahead collectively as ONE.

Link: https://t.co/9q7dlSrAvW

— Harmony 💙 (@harmonyprotocol) July 27, 2022

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Losses To Global Hacking To Hit $10 Trillion By 2025

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

According to a brand new evaluation by Atlas VPN, hackers stole roughly $1.3 billion in practically 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 prompted greater than $1 billion in losses through the first quarter alone.

ETH complete market cap at $180 billion on the each day chart | Source: TradingView.com

Featured picture from USA Today, chart from TradingView.com