Harmony proposes minting billions of ONE tokens to pay back hack victims

Quick Take

  • Harmony’s core team has proposed a hard fork to mint additional ONE tokens.
  • The team wants to mint new tokens to reimburse victims of a June exploit on Harmony.

Harmony’s core team has proposed a hard fork to mint billions of new harmony (ONE) tokens. The proposal is part of the plan to reimburse victims of its bridge hack last month.

Harmony is a proof-of-stake (PoS) blockchain that presents itself as a faster and cheaper Ethereum alternative. ONE token is used as the native asset to pay for transaction fees on the network.

In June, a hacker stole $100 million worth of crypto assets locked on the Harmony-run Horizon bridge on Ethereum. Since then, victims have asked for a refund.

On Wednesday, the team suggested the community should fork the Harmony network and mint a fresh supply of tokens to initiate the reimbursement process. “This proposal will require a hard fork of the Harmony blockchain as it will increase the supply of ONE tokens,” the proposal stated.

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