Backlash as Harmony proposes minting 4.97B tokens to reimburse victims
The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.
There would be either a 100% reimbursement via 4.97 billion new ONE tokens, or a 50% reimbursement with 2.48 billion ONE tokens. The proposal has been met with a significant amount of backlash from the community, with many highlighting concerns that such a large issuance of new tokens would result bring its value down.