The Concord protocol has been getting some flak for the reason that firm revealed a hard-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 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 different options to their safety breach after Concord grew to become silent for practically a month.
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Concord Has Come Up With Two Choices:
Answer 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.
Answer No. 2 – A projected 50% redemption with a mint of two.48 billion ONE, which is equal to a month-to-month issuance of virtually 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 accordance with the Concord staff, it’s essential for the ecosystem’s basic well being that pockets injury is minimized in a means that’s each practicable and advantageous for the challenge.”
Members of the neighborhood reacted negatively to this, with the bulk expressing issues that the asset would bear inflationary squeeze and shed worth because of the huge issuance of the minted tokens.
In accordance with Concord, its staff of engineers and analysts have labored around the clock to “brainstorm and develop paths” in an effort to compensate anybody affected by the current incident.
In the meantime, the Concord staff is in search of extra neighborhood suggestions earlier than going ahead. Nevertheless, first reactions seem like overwhelmingly unfavorable, with the majority of feedback on the neighborhood web site and social media expressing grave worries concerning the notions.
The reimbursement proposal is posted and accessible for suggestions. We encourage the #HarmonyONE neighborhood to learn and interact in dialog with one another and the core staff.
Thanks in your endurance as we work to maneuver ahead collectively as ONE.
— Concord 💙 (@harmonyprotocol) July 27, 2022
Losses To World 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 accordance with 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 knowledge given by Slowmist Hacked, that hacks on Ethereum and Solana’s ecosystems brought on greater than $1 billion in losses throughout the first quarter alone.
ETH whole market cap at $180 billion on the each day chart | Supply: TradingView.com
Featured picture from USA At the moment, chart from TradingView.com