Harmony: Plans to resume funding allocation for the Horizon cross-chain bridge starting in October

2022-09-30 08:07:20

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Chain Catcher news, Harmony plans to restore funding allocation for the Horizon cross-chain bridge starting in October. The funds will be used to provide grants to participating partners, who will direct the funds towards recovery mechanisms, such as the burn process, aimed at removing decoupled assets from circulation on the Harmony blockchain. Additionally, Harmony will collaborate with affected DeFi partners and active organizations like Recovery One.

Chain Catcher reported a week ago that the Harmony team released an update on the Horizon cross-chain bridge asset recovery proposal, stating that it does not recommend issuing more ONE tokens, nor does it suggest changing the token economics through a hard fork of the protocol, but rather recommends using the funds for recovery and the development of Harmony. More detailed information will be announced in the coming days.

On June 24, Harmony announced that its Ethereum-based cross-chain bridge Horizon was attacked, resulting in losses of approximately $100 million. The team is currently working with relevant authorities and experts to trace the attackers. Furthermore, Harmony stated that its Bitcoin cross-chain bridge was not affected and has notified trading platforms to suspend the use of the Horizon cross-chain bridge. (Source link)

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Harmoney Horizon

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